Broker Thomas Niles Busted by FINRA For UIT Short-Term Trading

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), former Morgan Stanley registered broker Thomas Niles has broken securities laws and internal firm rules. Allegedly, between July 2012 and December 2014, Niles engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts (UITs) in 148 customer accounts. UITs are investment companies that offer shares of a fixed portfolio of securities in a one-time public offering, and terminate on a specified maturity date. Niles’ recommendations caused the customers to incur unnecessary sales charges and were unsuitable in view of the frequency and cost of the transactions. For this misconduct, Niles was fined $5,000 and suspended for three months from the industry. A broker like Thomas Niles has a duty to do his due diligence on every security he recommends or sells to his clients, and to take into account the customer’s age, net…

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