Stephens, Inc.– Failure to Apply Sales Charge Discounts
Stephens, Inc. Allegedly Failed to Apply Sales Charge Discounts to 826 Eligible UIT Purchases Resulting in Customers Purportedly Paying Excessive Sales charges of Approximately $458,747
Stephens, Inc. allegedly failed to apply sales charge discounts to 826 eligible UIT purchases which led to customers paying excessive sales charges of approximately $458,747, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
Said Stephens Inc. sales charge discounts pertained to certain customers and their eligible purchases of what are known as UIT’s, or unit investment trusts, and allegedly transpired between June 1, 2010 and May 31, 2015, the AWC notes.
Stephens, Inc. Censured and Fined $235,000 and Ordered Restitution of Nearly $459,000 for Alleged Failure to Apply Sales Charge Discounts
Stephens, Inc., with over 25 branched across the U.S., also allegedly failed to establish, maintain, and enforce a supervisory system and written supervisory procedures reasonably designed to ensure that customers received sales charge discounts on all eligible UIT purchases, the AWC reports.
Based on the aforementioned behavior, Stephens, Inc. allegedly violated NASD and FINRA Rules and, hence, has been fined $235,000, and ordered restitution of almost $459,000, according to the aforementioned AWC.
One should also note that, according to the AWC, Stephens, Inc. neither admitted nor denied the FINRA findings.
The Peiffer Wolf Carr & Kane Securities Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane securities lawyers assist investors who lose money as a result of failure to apply sales charge discounts. 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 failure to apply sales charge discounts are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.