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Articles Tagged with unit investment trust

FINRA Says SagePoint Financial Brokers Unsuitably Recommended Early UIT Rollovers 

The Financial Industry Regulatory Authority (FINRA) is ordering SagePoint Financial to pay over $1.6M in fines and restitution after it executed over $895 million in unit investment trust (UIT) transactions that resulted in more than $17.2 million in sales charges. 

Of these UIT transactions, over $203.7 million of the proceeds were from sales that occurred over 100 days before a UIT’s maturity date. FINRA found that these unsuitable early rollovers caused customers to pay over $1.3 million in sales charges that they wouldn’t have otherwise if only they’d held onto their UITs until they matured.

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