Cambridge Investment Research, Inc. (CRD #39543, Fairfield, Iowa)
was censured and fined $250,000 for allegedly failing to identify and apply “rollover” and exchange discounts to certain clients with eligible purchases of unit investment trusts (UIT), which resulted in those clients paying $423,774.27 in excessive sales charges.
FINRA's findings stated that Cambridge Investment Research has paid restitution to all affected clients.
Also, FINA's findings stated that Cambridge Investment Research failed to establish, maintain, and enforce a supervisory system and WSPs reasonably designed to ensure that clients received sales charge discounts on all eligible UIT purchases. Cambridge Investment Research relied primarily on its registered representatives to ensure that clients received appropriate UIT sales charge discounts, despite the fact that the firm did not effectively inform and train representatives or their supervisors to identify and apply such sales charge discounts.
(FINRA Case #2013038730901)
This ends the summation from FINRA's Disciplinary Report May 2015.
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