Ivan Shore, Oppenheimer Financial Advisor, Accepts FINRA Suspension Over Alleged Pattern of Unsuitable Recommendations

Shore is accused of recommending unsuitable short-term trading of unit investment trusts. 

The Sonn Law Group is investigating allegations that Ivan Shore recommended unsuitable investments. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

ivan-shore-accepts-finra-suspensionIvan Shore (CRD#: 1012943) is registered as a broker with Oppenheimer & Co., where he has been employed since 1997. Shore was previously registered with Gruntal & Co. from 1984 until 1997.

Shore recently accepted FINRA’s sanctions of a three-month suspension and a $5,000 fine in connection with their investigation of Shore’s alleged misconduct. FINRA’s findings stated that Shore 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. In other words, on those occasions, 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.

A unit investment trust is a type of investment that offers a fixed portfolio of securities to an investor. Stocks and bonds generally comprise a UIT. Investors can redeem them after a set period of time has passed, known as the maturity date.

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The Sonn Law Group is currently investigating allegations that Ivan Shore recommended unsuitable investments. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.