Soreide Law Group, based in Pompano Beach, Florida, obtained the following information on FINRA’s website’s August 2017 Disciplinary Report on South Florida broker:
Christopher Robert Hickman (CRD #3267599, Boynton Beach, Florida)
was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacities for five months, and ordered to pay $115,989.75, plus interest, in deferred restitution to clients due to allegations that Hickman engaged in an unsuitable pattern of short-term trading of UITs in six client accounts.
(A unit investment trust (UIT) is an investment company that offers a fixed portfolio, generally of stocks and bonds, as redeemable units to investors for a specific period of time.)
FINRA’s findings stated that allegedly Hickman repeatedly recommended that the clients purchase UITs and then sell these products within a year of purchase. The UITs that Hickman recommended had maturity dates of 24 months or longer and carried sales charges of up to 3.95 percent. The average holding period for the UITs purchased in these six clients’ accounts was just 136 days.
FINRA also alleges that on several occasions, Hickman recommended that his clients use the proceeds from the short-term sale of a UIT to purchase another UIT with similar or even identical investment objectives. As a result of these transactions, the six clients at issue suffered losses of approximately $115,989.75.
The FINRA suspension is in effect from June 19, 2017, through November 18, 2017. (FINRA Case #2015046087601)
According to FINRA’s BrokerCheck, Christopher Robert Hickman, has 8 Disclosures on his report, 7 of them are listed as Customer Disputes. In these disputes some of the allegations listed are: Breach of fiduciary duty, violation of FINRA rules, negligence, breach of contract, elder abuse, unsuitable investments and unauthorized trading.
Christopher Robert Hickman has been in the securities industry for 14 years and has been listed with 4 firms, the most recent listed below:
09/21/2009 - 07/02/2015 CETERA ADVISORS LLC - DELRAY BEACH, FL
03/31/2006 - 08/31/2009 BANC OF AMERICA INVESTMENT SERVICES, INC - BOCA RATON, FL
If you were a client of Christopher Robert Hickman formerly of Cetera Advisors of Delray Beach, FL, and you experienced losses due to his actions or recommendations, contact the Florida-based law firm, Soreide Law Group, and speak to a securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA. We operate on a contingency fee basis. Let our years of experience work for you.
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