For a second time, the Financial Industry Regulatory Authority Inc. has censured and fined Cambridge Investment Research over problems with its supervision of sales of unit investment trusts (UITs).
[More: Finra censures, fines Citigroup over UIT sales violations]
Finra imposed a fine of $150,000 for failing to “establish and maintain a supervisory system,” failing to reasonably supervise short-term trading of UITs and mutual fund Class A shares, and failing to ensure that customers received available mutual fund break-point discounts. The fine and censure covered the period between July 2013 and January 2017.
[More: Finra fines NYLife Securities $250,000 over fund sales]
In April 2015, Cambridge entered into a letter of acceptance, waiver and consent with Finra in which it agreed to a censure and fine of $250,000 for failing to apply “rollover” and exchange discounts to customers with eligible UIT purchases between January 2008 and November 2013.
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January 03, 2020 at 01:10AM
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Finra slaps Cambridge with $150000 fine over UIT sales - InvestmentNews
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