Christopher Hickman of Delray Beach, Florida Suspended by FINRA for Unsuitable UIT Trading
Have you lost money with financial advisor Christopher Hickman of Delray Beach, Florida? We are investigating allegations made by FINRA (the Financial Industry Regulatory Authority) against Christopher R. Hickman, a former advisor at Cetera Advisors. FINRA alleged that Hickman engaged in unsuitable short-term trading of Unit Investment Trusts (or UITs) between May 2011 and April 2014 for six customer accounts.
FINRA alleged that in these six customer accounts, the average holding period for the UITs was 136 days. Since some of these Unit Investment Trusts had upfront fees and commissions of up to 3.95%, the customers were paying excessive commissions on this trading. To settle these charges, Hickman agreed to a five-month suspension from the securities industry, a $5,000 fine, and agreed to pay $115,989 in restitution to six customers.
Christopher Hickman was a financial advisor and registered representative of Cetera Advisors from September 2009 to July 2015. He worked at a branch office in Delray Beach, Florida. Hickman’s BrokerCheck report discloses that he is the subject of seven customer complaints.
Brokerage firms like Cetera Advisors have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado, the Seattle area, and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including numerous investors in Florida in the past. Attorney David Neuman is licensed to practice law in Florida. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Cetera Advisors.
Click to view: Hickman, Christopher BrokerCheck 6.12.17
Click to view: Hickman, Christopher FINRA AWC
If you lost money with Christopher Hickman or Cetera Advisors, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.