Ivan Shore Investigation
November 2021- New York, NY
According to his FINRA record Ivan Shore , a broker employed by Oppenheimer & Co. discloses a final regulatory investigation event and suspension.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In November of 2020, in FINRA case #2018057247001 , without admitting or denying the findings . Shore consented to the entry of findings that he engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts (UITs) in customer accounts. The findings stated that Shore recommended his customers roll over UITs prior to maturity on approximately 900 occasions. Indeed, although Shore’s customers’ UITs typically had a 24 month maturity period, Shore recommended that they sell their UITs after holding them for, on average, only 231 days, and use the proceeds to purchase a new UIT. Of the early rollovers recommended by Shore, more than 240 were series-to-series rollovers. Shore recommended that his customers roll over a UIT before its maturity date in order to purchase a subsequent series of the same UIT, which, generally had the same or similar investment objectives and strategies as the prior series. Shore’s recommendations caused his customers to incur unnecessary sales charges and were unsuitable in view of the frequency and cost of the transactions. Shore’s customers received reimbursement of these excess sales charges from his member firm.
Sanctions were three months suspension (12/7/2020-3/6/2021) and a $5,000 fine.
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