Finra said three representatives caused 295 investors to incur more than US$1.23m in unnecessary fees through frequent recommendations to sell unit investment trusts (UITs) before maturity.
US self-regulatory body Financial Industry Regulatory Authority (Finra) has ordered to pay American Portfolios Financial Services US$1.23m in restitution, plus interest, to affected customers and a further US$400,000 in fines after the firm failed to reasonably supervise recommendations that clients sell UITs before their maturity dates. UITs are investment products that hold a fixed portfolio of securities and typically mature after 15 or 24 months Finra said the supervisory shortcomings r