TAG | Stifel Nicolaus & Co
Comments off · Posted by admin in FINRA
It was noted that FINRA found that the firm failed to provide eligible customers with appropriate discounts on both UIT rollover and breakpoint purchases. FINRA also found that the firm failed to identify and appropriately apply sales charge discounts in certain top-selling UITs and, as a result, the firm overcharged customers in the sample approximately $20,000. FINRA also determined that the firm sold UITs that imposed a deferred sales charge that was generally charged upon redemption if a customer sold a UIT before the deferred sales charges were imposed. Moreover, FINRA found that the firm failed to ensure that its customers’ UIT purchase confirmations included the required language stating that “on selling your shares, you may pay a sales charge. For the charge and other fees, see the prospectus.”
Additionally, FINRA found that the firm misstated on certain UIT confirmations that a sales charge discount had been applied when, in fact, it had not.
(FINRA Case #2008015700901)
This information was obtained from FINRA’s website.
If you feel you have been a victim of these alleged fraudulent schemes of Ryan Beck & Co., or Stifel Nicolause & Co., call a Securities Arbitration Lawyer for a free consultation on how to recover your losses. To speak with an attorney, call 888-760-6552, or visit www.stockmarketlawsuit.com. Soreide Law Group, PLLC., representing investors nationwide before FINRA the Financial Industry Regulatory Authority.
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