Elaine LaCerte — Alleged Unsuitable Pattern of Short-term Trading

California stockbroker fraud attorneyElaine D. LaCerte Allegedly Engaged in an Unsuitable Short-term Trading of Unit Investment Trusts (UIT’s) in 107 Customer Accounts

Elaine LaCerte, between July 1, 2012 and December 31, 2014, allegedly engaged in an unsuitable short-term trading pattern of unit investment trusts (UIT’s) in customer accounts, according to a recent Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

Investors who believe they may have lost money in activity related to Elaine LaCerte‘s alleged unsuitable short-term trading of unit investment trusts (UIT’s) are encouraged to contact attorneys Alan Rosca or James Booker with any useful information or for a free, no obligation discussion about their options.

The Peiffer Rosca Wolf securities lawyers are currently investigating Elaine LaCerte‘s alleged unsuitable short-term trading of unit investment trusts (UIT’s).

Elaine LaCerte was registered as a General Securities Representative with Morgan Stanley from June 2009 to August 2016, and her alleged unsuitable short-term trading of unit investment trusts (UIT’s) purportedly involved 107 customer accounts, the AWC notes. LaCerte then allegedly made purchases of new, different UITs, the AWC notes.

FINRA alleges this purported system to be unsuitable in view of the alleged frequency and costs of trading, the AWC reports. LaCerte’s recommendations caused the customers to incur unnecessary sales charges, and were unsuitable in view of the frequency and cost of the transactions, the AWC states.

The majority of the UlTs that LaCerte allegedly recommended had maturity dates of at least 24 months and carried sales charges ranging from 1.95% to 3.95%, and the average holding period for the UITs purchased in these customers’ accounts was less than 300 days, the AWC reports.

Elaine LaCerte Suspended Six Months and Fined $5,000 by FINRA

Elaine LaCerte, based on the alleged foregoing behavior, allegedly violated NASD and FINRA Rules, and hence has been suspended six months and fined $5,000, according to the aforementioned AWC currently under review by attorneys Alan Rosca and James Booker.

LaCerte also has worked at branch offices in Colorado Springs, Colorado. LaCerte has allegedly been the subject of at least five customer complaints, at least three of which allegedly involved complaints about Unit Investment Trusts, the AWC notes.

One should also note that, according to the AWC, Elaine LaCerte neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of investment fraud and are currently investigating Elaine LaCerte‘s alleged unsuitable short-term trading of unit investment trusts (UIT’s). They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of Elaine LaCerte‘s alleged unsuitable short-term trading of unit investment trusts (UIT’s) may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1234 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.