Stephens, Inc.– Failure to Apply Sales Charge Discounts

California stockbroker fraud attorneyStephens, 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 Rosca Wolf Securities Lawyers Often Assist Investors

The Peiffer Rosca Wolf 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1168 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.