January 27, 2016 – Houston, Texas
NEXT Financial Group, Inc. entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from May 1, 2009- April 30, 2014, NEXT failed to apply sales charge discounts to certain customers’ eligible purchases of unit investment trusts (UITs) in violation of FINRA Rule 2010.
AWC No. 2014041679001
A UiT is a type of Investment Company that issues securities, typically called “units,” representing undivided interests in a relatively fixed portfolio of securities. UITs are generally issued by a sponsor that assembles the UIT’s portfolio of securities, deposits the securities in a trust, and sells units ofthe UIT in a public offering. UIT units are redeemable securities that are issued for a specific term, and entitle an investor to receive his or her proportionate share of the UIT’s net assets on redemption or al termination.
NEXT Financial Group was censured and fined $125,000. In addition they paid restitution of more than $216,000 to affected customers.
NEXT Financial Group has been a FINRA member since 1999 and is headquartered in Houston, Texas. They have about 800 brokers in 518 branch locations nationwide. FINRA records indicate they have been the subject of 16 regulatory events.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
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