FREDERICK SCOTT LEVINE Suspended and Fined by FINRA

FREDERICK SCOTT LEVINE (FRED LEVINE) CRD#: 1765119, a former Oppenheimer broker, currently with RBC Wealth Management of Florham Park, New Jersey, agreed to a $5,000 fine and a 3 month suspension from FINRA, for allegedly encouraging clients to prematurely sell unit investment trusts (UITs) and use the proceeds to buy new UITs in violation of a suitability rule.
Without admitting or denying FINRA’s findings, FREDERICK SCOTT LEVINE consented to the sanctions and to the entry of findings that he allegedly engaged in an unsuitable pattern of short-term trading of unit investment trusts (UITs) in client accounts.
According to FINRA’s findings, FREDERICK SCOTT LEVINE allegedly recommended his clients roll over UITs more than 100 days prior to maturity on approximately 950 occasions.
Although typically his clients' UITs had a 24-month maturity period, according to FINRA, Levine allegedly recommended that they sell their UITs after holding them for, on average, of only 260 days, and then they use the proceeds to purchase a new UIT.
According to the FINRA report, of the approximately 950 early rollovers allegedly recommended by FREDERICK SCOTT LEVINE, more than 600 were series-to-series rollovers. FINRA alleges that on more than 600 occasions, Levine recommended that his clients roll over a UIT before its maturity date in order to purchase a subsequent series of the same UIT, which generally had similar investment objectives and strategies as the prior series. These recommendations caused Levine’s clients to incur unnecessary sale charges and were unsuitable in view of the frequency and cost of the transactions.
According to an article in Advisor Hub, FREDERICK SCOTT LEVINE was allegedly identified in a targeted industry exam of UIT transactions which occurred between January of 2014 through mid-2016 that FINRA opened nearly four years ago.
According to FINRA’s BrokerCheck, FREDERICK SCOTT LEVINE, has been in the securities industry for 28 years and has been listed with 5 firms.  He is currently listed with the following firm since November 3, 2014:
RBC CAPITAL MARKETS, LLC
200 Park Avenue 2nd Floor
FLORHAM PARK, NJ 07932-1026
Levine was previously listed with:
01/02/2002 - 11/17/2014  OPPENHEIMER & CO. INC. - FLORHAM PARK, NJ 
If you’ve experienced financial losses due to the actions or recommendations of FREDERICK SCOTT LEVINE formerly of Oppenheimer and currently with RBC Wealth Management of Florham Park, New Jersey, particularly UIT losses, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee and represents our clients nationwide before FINRA.