Investors Capital Corp.— Unsuitable Recommendations Regarding the Sale of Unit Investment Trusts
Investors Capital Corp., a Broker-dealer in the Cetera Financial Group Network, Allegedly Made Unsuitable Short-term Trading of UITs
Investors Capital Corp., a broker-dealer in the Cetera Financial Group Network, allegedly made recommendations of unsuitable short-term trading of UIT’s, according to FINRA Documents currently under review by attorneys Alan Rosca and James Booker.
In addition, Investors Capital Corp. also allegedly recommended unsuitable financial instruments such as steepener notes in the accounts of 74 clients, FINRA reports. Steepeners are a type of interest rate swap, where one party agrees to pay the other a fixed rate in exchange for a floating rate, which is derived from the difference between long and short term rates.
The Peiffer Rosca Wolf securities lawyers are currently investigating Investors Capital Corp.’s alleged unsuitable recommendations.
Investors Capital Corp. Fined $1.1 Million in Fines and Restitution by FINRA Regarding Sails of Unit Investment Trusts
Cetera broker-dealer Investors Capital Corp. will hit with $1.1 million in fines and restitution over sales of unit investment trusts, according to FINRA Documents presently being reviewed by attorneys Alan Rosca and James Booker.
Finra’s fine breaks down to $250,000 for Investors Capital and $842,000 in restitution. The firm has already laid down nearly $224,500 in restitution to clients, FINRA reports.
Finally, Investors Capital also allegedly failed to execute sales charge discounts to specific customers’ purchases of UITs, FINRA notes.
Securities Lawyers Investigating
The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged unsuitable recommendations and are currently investigating Investors Capital Corp.’s alleged unsuitable recommendation of short-term trading of 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 Investors Capital Corp.’s alleged unsuitable recommendation of short-term trading of 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.