Christopher R. Hickman Allegedly Executed a Pattern of Unsuitable Short-term Trading of UIT’s & Hickman’s Clients Allegedly Lost Roughly $115,989.75
Christopher Hickman, a former advisor at Cetera Advisors, allegedly engaged in a pattern of unsuitable short-term trading of UIT’s, according to a recent Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorney Alan Rosca.
Attorney Alan Rosca, of the RoscaLaw LLC firm, is investigating activity related to Christopher Hickman’s alleged pattern of unsuitable short-term trading. Investors who believe they may have lost money in activity related to Christopher Hickman’s alleged pattern of unsuitable short-term trading are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Christopher Hickman’s alleged pattern of unsuitable short-term trading involved six customer accounts, between May 2011 and April 2104, with purported losses of approximately $115,989.75, according to the aforementioned AWC. Said accounts allegedly had UIT’s with a purported average holding time period of roughly 136 days, the AWC states.
UITs are investment companies that offer shares of a fixed portfolio of securities in a one-time public offering, and terminate on a specified date, according to the AWC. What is more, they are not designed to be used as trading vehicles, and UITs typically carry significant upfront charges as with mutual funds that carry front-end sales charges, short-term trading of UITs is presumptively improper, the AWC reports.
A few of the aforementioned Unit Investment Trusts allegedly held upfront fees and commissions of up to 3.95% and the customers were purportedly paying excessive commissions on this trading, the AWC reports.
Hickman Ordered to Pay $115,989 in Restitution to Six Customers, Suspended for Five Months from the Securities Industry, & Fined $5,000 by FINRA
Christopher Hickman, of Delray Beach, Florida, was a financial advisor and registered representative of Cetera Advisors from September 2009 to July 2015, has been suspended for five months from the securities industry by FINRA, according to the aforementioned AWC currently under review by attorney Alan Rosca.
Hickman has also been fined $5,000 by FINRA as well being ordered to pay restitution of $115,989 to six customers, according to the aforementioned AWC.
Christopher Hickman allegedly has had seven broker disputes in total, and only one recent dispute requesting $265,000 damages alleging negligence, breach of contract, and elder abuse, according to his FINRA BrokerCheck Report.
Finally, one should also note that, according to the AWC, Christopher Hickman neither admitted nor denied the FINRA findings.
Securities Lawyer Investigating
The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Christopher Hickman’s alleged pattern of unsuitable short-term trading. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.
Investors who believe they lost money as a result of Christopher Hickman’s alleged pattern of unsuitable short-term trading may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@roscalaw.com, or through the contact form on this webpage.
