NEXT Financial Group FIned $125K on Sales of UITs (Unit Investment Trusts)

NEXT Financial Group FIned $125K on Sales of UITs (Unit Investment Trusts)

NEXT Financial Group FIned $125K on Sales of UITs (Unit Investment Trusts) 150 150 Rex Securities Law

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.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 


This site is protected by wp-copyrightpro.com

%d bloggers like this: