INVESTOR WARNING! Richard Graham and Unit Investment Trusts (UITs)
Richard Graham, and Unit Investment Trusts (UITs)
We are currently investigating allegations made against Richard D. Graham, a financial advisor from Lafayette, Indiana who previously worked with Huntington Investment Company. FINRA (the Financial Industry Regulatory Authority) brought a regulatory action against Mr. Graham, making allegations that he made unsuitable investment recommendations for his customers to invest in Unit Investment Trusts (or UITs).
FINRA alleged that Richard Graham worked at Huntington National Bank and was also licensed through Huntington Investment Company. Graham was alleged to have recommended that his clients invest in Van Kampen UITs, even though the customers had “conservative” risk profiles. Graham was also alleged to have recommended Invesco UITs to another customer with a “moderately conservative” risk profile. FINRA alleged that these were unsuitable. To settle these allegations, Graham agreed to a two-month suspension from the securities industry, agreed to pay a $10,000 fine, and disgorge $3,500 in commissions that he received from these UIT sales.
Richard Graham was a registered representative and financial advisor of Huntington Investment Company from July 2005 to July 2013. He also worked with J.P. Morgan Securities from July 2013 to August 2016. He worked at branch offices in Lafayette and Indianapolis, Indiana. According to Graham’s BrokerCheck report, he has been the subject of at least seven customer complaints as well.
Broker-dealers like Huntington Investment Company have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account. When broker-dealers 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 and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Indiana. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
Click to view: graham-richard-finra-awc
Click to view: graham-richard-brokercheck-9-20-16
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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.
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