February 3, 2016 – Topeka, Kansas
Bankers & Investors Co. entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from March 2010-March 2014, Bankers & Investors Co. failed to apply rollover discounts to certain customers’ eligible purchases of unit investment trusts (UITs) in violation of FINRA Rule 2010.
AWC No. 2014039169401
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 of the 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.
Bankers & Investors Co. was censured and fined $25,000.
Bankers & Investors Co. has been a FINRA member since 2001 and is headquartered in Kansas City, KS. They have about 14 registered representatives operating out of 11 offices in Kansas and Missouri.
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.
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