united planners' financial services of america a …
TRANSCRIPT
BrokerCheck Report
UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER
Section Title
Report Summary
Firm History
CRD# 20804
1 - 2
10
Firm Profile 3 - 9
Page(s)
Firm Operations 11 - 16
Disclosure Events 17
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UNITED PLANNERS' FINANCIALSERVICES OF AMERICA A LIMITEDPARTNER
CRD# 20804
SEC# 8-38485
Main Office Location
7333 E. DOUBLETREE RANCH ROAD #120SCOTTSDALE, AZ 85258-2023Regulated by FINRA Denver Office
Mailing Address
P.O. BOX 5750SCOTTSDALE, AZ 85261-5750
This firm is a brokerage firm and an investmentadviser firm. For more information aboutinvestment adviser firms, visit the SEC'sInvestment Adviser Public Disclosure website at:
Business Telephone Number
480-991-0225
https://www.adviserinfo.sec.gov
Report Summary for this Firm
This report summary provides an overview of the brokerage firm. Additional information for this firm can be foundin the detailed report.
Disclosure Events
Brokerage firms are required to disclose certaincriminal matters, regulatory actions, civil judicialproceedings and financial matters in which the firm orone of its control affiliates has been involved.
Are there events disclosed about this firm? Yes
The following types of disclosures have beenreported:
Type Count
Regulatory Event 9
Arbitration 1
Firm Profile
This firm is classified as a partnership.
This firm was formed in Arizona on 08/21/1987.
Its fiscal year ends in December.
Firm History
Information relating to the brokerage firm's historysuch as other business names and successions(e.g., mergers, acquisitions) can be found in thedetailed report.
Firm Operations
Is this brokerage firm currently suspended with anyregulator? No
This firm conducts 10 types of businesses.
This firm is not affiliated with any financial orinvestment institutions.
This firm has referral or financial arrangements withother brokers or dealers.
This firm is registered with:
• the SEC• 1 Self-Regulatory Organization• 52 U.S. states and territories
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This firm is classified as a partnership.
This firm was formed in Arizona on 08/21/1987.
CRD#
This section provides the brokerage firm's full legal name, "Doing Business As" name, business and mailingaddresses, telephone number, and any alternate name by which the firm conducts business and where such name isused.
Firm Profile
Firm Names and Locations
Its fiscal year ends in December.
UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER
SEC#
20804
8-38485
Main Office Location
Mailing Address
Business Telephone Number
Doing business as UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER
480-991-0225
Regulated by FINRA Denver Office
7333 E. DOUBLETREE RANCH ROAD #120SCOTTSDALE, AZ 85258-2023
P.O. BOX 5750SCOTTSDALE, AZ 85261-5750
Other Names of this Firm
Name Where is it used
UNITED PLANNERS AK, AL, AR, AZ, CA,CO, CT, DC, DE, FL,GA, HI, IA, ID, IL, IN,KS, KY, LA, MA, MD,ME, MI, MN, MO,MS, MT, NC, ND, NE,NH, NJ, NM, NV, NY,OH, OK, OR, PA, RI,SC, SD, TN, TX, UT,VA, VT, WA, WI, WV,WY
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UNITED PLANNERS FINANCIAL SERVICES AK, AL, AR, AZ, CA,CO, CT, DC, DE, FL,GA, HI, IA, ID, IL, IN,KS, KY, LA, MA, MD,ME, MI, MN, MO,MS, MT, NC, ND, NE,NH, NJ, NM, NV, NY,OH, OK, OR, PA, RI,SC, SD, TN, TX, UT,VA, VT, WA, WI, WV,WY
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This section provides information relating to all direct owners and executive officers of the brokerage firm.
Direct Owners and Executive Officers
Firm Profile
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
UNITED PLANNERS' GROUP, INC.
GENERAL PARTNER
75% or more
No
Domestic Entity
08/1987
Yes
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
BAKER, MICHAEL A
PRESIDENT
Less than 5%
No
Individual
08/2018
Yes
4037933
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
Position
Percentage of Ownership
Position Start Date
BAKER, MICHAEL A
CHIEF EXECUTIVE OFFICE (CEO)
Less than 5%
Individual
10/2019
4037933
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
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Direct Owners and Executive Officers (continued)
Firm Profile
Percentage of Ownership
Is this a public reportingcompany?
Does this owner direct themanagement or policies ofthe firm?
Less than 5%
No
Yes
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
CUFFARI-AGASI, SHEILA JUNE
EXECUTIVE VICE PRESIDENT
Less than 5%
No
Individual
08/2018
Yes
2401020
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
HAUER, DAVE B
VICE PRESIDENT COMPLIANCE, CHIEF COMPLIANCE OFFICER
Less than 5%
No
Individual
07/2018
Yes
4018434
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
OLIVERIO, KENNETH WILLIAM JR
2957427
Legal Name & CRD# (if any):
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Direct Owners and Executive Officers (continued)
Firm Profile
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
EXECUTIVE VICE PRESIDENT, CHIEF MARKETING OFFICER
Less than 5%
No
Individual
08/2018
Yes
2957427
Is this a domestic or foreignentity or an individual?
Position
Percentage of Ownership
Is this a public reportingcompany?
Position Start Date
Does this owner direct themanagement or policies ofthe firm?
SHINDEL, CHAD TRAVIS
VICE PRESIDENT, CHIEF FINANCIAL OFFICER (CFO)
Less than 5%
No
Individual
08/2018
Yes
6232253
Is this a domestic or foreignentity or an individual?
Legal Name & CRD# (if any):
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This section provides information relating to any indirect owners of the brokerage firm.
Indirect Owners
Firm Profile
BAKER, MICHAEL A
PRESIDENT
UNITED PLANNERS GROUP, INC
Other General Partners
No
Individual
09/2007
Yes
4037933
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
CUFFARI-AGASI, SHEILA JUNE
SHAREHOLDER
UNITED PLANNERS GROUP, INC
Other General Partners
No
Individual
01/2021
No
2401020
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
OLIVERIO, KENNETH WILLIAM JR
2957427
Legal Name & CRD# (if any):
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Indirect Owners (continued)
Firm Profile
SHAREHOLDER
UNITED PLANNERS GROUP, INC
Other General Partners
No
Individual
01/2021
No
2957427
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
SHINDEL, CHAD TRAVIS
TREASURER
UNITED PLANNERS GROUP, INC
Other General Partners
Individual
03/2020
Yes
6232253
Legal Name & CRD# (if any):
Is this a domestic or foreignentity or an individual?
Company through whichindirect ownership isestablished
Relationship to Direct Owner
Relationship Established
Percentage of Ownership
Does this owner direct themanagement or policies ofthe firm?
Is this a public reportingcompany?
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Firm History
This section provides information relating to any successions (e.g., mergers, acquisitions) involving the firm.
No information reported.
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Firm Operations
RegistrationsThis section provides information about the regulators (Securities and Exchange Commission (SEC), self-regulatoryorganizations (SROs), and U.S. states and territories) with which the brokerage firm is currently registered andlicensed, the date the license became effective, and certain information about the firm's SEC registration.
This firm is currently registered with the SEC, 1 SRO and 52 U.S. states and territories.
SEC Registration Questions
This firm is registered with the SEC as:
A broker-dealer:
A broker-dealer and government securities broker or dealer:
A government securities broker or dealer only:
This firm has ceased activity as a government securities broker or dealer:
Yes
Yes
No
No
Federal Regulator Status Date Effective
SEC Approved 10/09/1987
Self-Regulatory Organization Status Date Effective
FINRA Approved 12/08/1987
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Firm Operations
Registrations (continued)
U.S. States &Territories
Status Date Effective
Alabama Approved 11/12/1991
Alaska Approved 05/12/1988
Arizona Approved 01/18/1988
Arkansas Approved 01/22/1990
California Approved 02/22/1988
Colorado Approved 02/09/1988
Connecticut Approved 03/02/1988
Delaware Approved 03/02/1988
District of Columbia Approved 03/05/1988
Florida Approved 03/23/1988
Georgia Approved 02/28/1988
Hawaii Approved 10/29/1991
Idaho Approved 05/13/1988
Illinois Approved 03/07/1988
Indiana Approved 04/04/1988
Iowa Approved 06/06/1988
Kansas Approved 03/01/1988
Kentucky Approved 10/12/1989
Louisiana Approved 03/17/1988
Maine Approved 03/01/1988
Maryland Approved 03/03/1988
Massachusetts Approved 03/31/1988
Michigan Approved 04/01/1988
Minnesota Approved 01/03/1990
Mississippi Approved 03/25/1988
Missouri Approved 03/11/1988
Montana Approved 03/04/1988
Nebraska Approved 04/11/1988
Nevada Approved 02/26/1989
New Hampshire Approved 04/18/1988
New Jersey Approved 04/29/1988
New Mexico Approved 03/18/1988
New York Approved 07/08/1988
U.S. States &Territories
Status Date Effective
North Carolina Approved 03/25/1988
North Dakota Approved 03/23/1988
Ohio Approved 02/23/1996
Oklahoma Approved 02/28/1988
Oregon Approved 05/25/1988
Pennsylvania Approved 02/25/1988
Rhode Island Approved 04/04/1988
South Carolina Approved 04/13/1988
South Dakota Approved 04/28/1988
Tennessee Approved 03/24/1988
Texas Approved 04/19/1988
Utah Approved 03/04/1988
Vermont Approved 05/25/1988
Virgin Islands Approved 11/15/2012
Virginia Approved 02/26/1988
Washington Approved 03/01/1988
West Virginia Approved 03/16/1988
Wisconsin Approved 07/06/1988
Wyoming Approved 04/12/1988
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Firm Operations
Types of BusinessThis section provides the types of business, including non-securities business, the brokerage firm is engaged in orexpects to be engaged in.
Other Types of Business
This firm does not effect transactions in commodities, commodity futures, or commodity options.This firm does engage in other non-securities business.
Non-Securities Business Description: 11B THE APPLICANT INTENDS TO ACT AS A GENERAL AGENT FOR ONEOR MORE INSURANCE COMPANIES IN THE SALE OF UNREGISTEREDINSURANCE PRODUCTS.
This firm currently conducts 10 types of businesses.
Types of Business
Broker or dealer retailing corporate equity securities over-the-counter
Broker or dealer selling corporate debt securities
Mutual fund retailer
U S. government securities broker
Municipal securities dealer
Municipal securities broker
Broker or dealer selling variable life insurance or annuities
Investment advisory services
Broker or dealer selling tax shelters or limited partnerships in primary distributions
Broker or dealer involved in a networking, kiosk or similar arrangment with a: insurance company or agency
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Firm Operations
Clearing Arrangements
This firm does not hold or maintain funds or securities or provide clearing services for other broker-dealer(s).
Introducing Arrangements
This firm does refer or introduce customers to other brokers and dealers.
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 02/24/1988
Description: FULLY DISCLOSED CLEARING AGREEMENT
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Firm Operations
Industry Arrangements
This firm does have books or records maintained by a third party.
This firm does have accounts, funds, or securities maintained by a third party.
This firm does have customer accounts, funds, or securities maintained by a third party.
This firm does not have individuals who control its management or policies through agreement.
This firm does not have individuals who wholly or partly finance the firm's business.
Control Persons/Financing
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 07/24/1988
Description: FULLY DISCLOSED CLEARING AGREEMENT
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 02/24/1988
Description: FULLY DISCLOSED CLEARING AGREEMENT
Name: PERSHING LLC
Business Address: ONE PERSHING PLAZAJERSEY CITY, NJ 07399
CRD #: 7560
Effective Date: 02/24/1988
Description: FULLY DISCLOSED CLEARING AGREEMENT
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Firm Operations
Organization AffiliatesThis section provides information on control relationships the firm has with other firms in the securities, investmentadvisory, or banking business.
This firm is not, directly or indirectly:
· in control of· controlled by· or under common control withthe following partnerships, corporations, or other organizations engaged in the securities or investmentadvisory business.
This firm is not directly or indirectly, controlled by the following:
· bank holding company· national bank· state member bank of the Federal Reserve System· state non-member bank· savings bank or association· credit union· or foreign bank
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Disclosure Events
All firms registered to sell securities or provide investment advice are required to disclose regulatory actions, criminal orcivil judicial proceedings, and certain financial matters in which the firm or one of its control affiliates has been involved.For your convenience, below is a matrix of the number and status of disclosure events involving this brokerage firm orone of its control affiliates. Further information regarding these events can be found in the subsequent pages of thisreport.
Final On AppealPending
Regulatory Event 0 9 0
Arbitration N/A 1 N/A
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Disclosure Event Details
What you should know about reported disclosure events:
1. BrokerCheck provides details for any disclosure event that was reported in CRD. It also includessummary information regarding FINRA arbitration awards in cases where the brokerage firm wasnamed as a respondent.
2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a brokerage firm is required to disclose a
particular criminal event.3. Disclosure events in BrokerCheck reports come from different sources:
o Disclosure events for this brokerage firm were reported by the firm and/or regulators. When the firmand a regulator report information for the same event, both versions of the event will appear in theBrokerCheck report. The different versions will be separated by a solid line with the reporting sourcelabeled.
4. There are different statuses and dispositions for disclosure events: o A disclosure event may have a status of pending, on appeal, or final.
§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently
being appealed.§ A "final" event has been concluded and its resolution is not subject to change.
o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter,
or (2) an administrative panel in an action brought by a regulator that is contested by the partycharged with some alleged wrongdoing.
§ A "settled" matter generally involves an agreement by the parties to resolve the matter.Please note that firms may choose to settle customer disputes or regulatory matters forbusiness or other reasons.
§ A "resolved" matter usually involves no payment to the customer and no finding ofwrongdoing on the part of the individual broker. Such matters generally involve customerdisputes.
5. You may wish to contact the brokerage firm to obtain further information regarding any of thedisclosure events contained in this BrokerCheck report.
Regulatory - Final
This type of disclosure event involves (1) a final, formal proceeding initiated by a regulatory authority (e.g., a statesecurities agency, self-regulatory organization, federal regulator such as the U.S. Securities and Exchange Commission,foreign financial regulatory body) for a violation of investment-related rules or regulations; or (2) a revocation orsuspension of the authority of a brokerage firm or its control affiliate to act as an attorney, accountant or federalcontractor.
Disclosure 1 of 9
Reporting Source: Regulator
Allegations: UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITEDPARTNER FAILED TO SUPERVISE THE OUTSIDE BUSINESS ACTIVITIES OFAT LEAST ONE AGENT, LEADING TO INVESTOR HARM.
Current Status: Final
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Initiated By: MASSACHUSETTS SECURITIES DIVISION
Principal Sanction(s)/ReliefSought:
Cease and Desist
Other Sanction(s)/ReliefSought:
CENSURE, ADMINISTRATIVE FINE, RESCISSION, RESTITUTION
Date Initiated: 02/14/2018
Docket/Case Number: E-2017-0105
URL for Regulatory Action: HTTP://SEC.STATE.MA.US/SCT/CURRENT/SCTUNITEDPLANNERS/UNITEDPLANNERSIDX.HTM
Principal Product Type: Other
Other Product Type(s): PRIVATE PLACEMENT
Allegations: UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITEDPARTNER FAILED TO SUPERVISE THE OUTSIDE BUSINESS ACTIVITIES OFAT LEAST ONE AGENT, LEADING TO INVESTOR HARM.
Resolution Date: 02/15/2019
Resolution:
Other Sanctions Ordered: UNITED PLANNERS SHALL RETAIN AN INDEPENDENT CONSULTANT TOREVIEW WRITTEN POLICIES AND PROCEDURES
Sanction Details: ADMINISTRATIVE FINE PAID ON 02/22/2019
Regulator Statement UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITEDPARTNER FAILED TO SUPERVISE THE OUTSIDE BUSINESS ACTIVITIES OFAT LEAST ONE AGENT, LEADING TO INVESTOR HARM.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $100,000.00Disgorgement/RestitutionCease and Desist/Injunction
Consent
iReporting Source: Firm
Allegations: THE STATE ALLEGES UNITED PLANNERS' FINANCIAL SERVICES OFAMERICA A LIMITED PARTNER FAILED IN ITS DUTY TO SUPERVISE THEOUTSIDE BUSINESS ACTIVITIES OF A REPRESENTATIVE.
Current Status: Final
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Initiated By: MASSACHUSETTS SECURITIES DIVISION
Principal Sanction(s)/ReliefSought:
Cease and Desist
Other Sanction(s)/ReliefSought:
CENSURE, ADMINISTRATIVE FINE, RESCISSION, RESTITUTION
Date Initiated: 02/14/2018
Docket/Case Number: E-2017-0105
Principal Product Type: Other
Other Product Type(s): PRIVATE PLACEMENT
Allegations: THE STATE ALLEGES UNITED PLANNERS' FINANCIAL SERVICES OFAMERICA A LIMITED PARTNER FAILED IN ITS DUTY TO SUPERVISE THEOUTSIDE BUSINESS ACTIVITIES OF A REPRESENTATIVE.
Resolution Date: 02/15/2019
Resolution:
Other Sanctions Ordered: UNITED PLANNERS SHALL RETAIN AN INDEPENDENT CONSULTANT TOREVIEW WRITTEN POLICIES AND PROCEDURES
Sanction Details: ADMINISTRATIVE FINE PAID ON 02/22/201
Firm Statement UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITEDPARTNER SETTLED WITH THE STATE OF MASSACHUSETTS WITHOUTADMITTING OR DENYING VIOLATIONS OF MASS. GEN.LAWS CH. 110A §204(A)(2)(J)
Sanctions Ordered: CensureMonetary/Fine $100,000.00Disgorgement/RestitutionCease and Desist/Injunction
Consent
Disclosure 2 of 9
i
Reporting Source: Firm
Initiated By: NORTH CAROLINA DEPARTMENT OF INSURANCE
Date Initiated: 08/01/2017
Allegations: THE FIRM FILED A FINRA AWC ON FORM BD; HOWEVER INADVERTENTLYFORGOT TO NOTIFY NIPR AT THAT SAME TIME (WITHIN 30 DAYS). THISWAS SUBSEQUENTLY FOUND BY THE FIRM; HOWEVER IT WAS AFTER THE30 DAYS.
Current Status: Final
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Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanction(s)/ReliefSought:
Date Initiated: 08/01/2017
Docket/Case Number: 112630
Principal Product Type: No Product
Other Product Type(s):
Resolution Date: 08/22/2017
Resolution:
Other Sanctions Ordered: NONE
Sanction Details: MONETARY FINE IMPOSED $500.00 WAS PAID IN FULL 8-22-17.
Firm Statement VOLUNTARY SETTLEMENT AGREEMENT
Sanctions Ordered: Monetary/Fine $500.00
Settled
Disclosure 3 of 9
i
Reporting Source: Regulator
Allegations: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TOESTABLISH AN ADEQUATE SUPERVISORY SYSTEM TO SUPERVISE THEUSE OF CONSOLIDATED REPORTS PREPARED BY ITS REGISTEREDREPRESENTATIVES. THE FINDINGS STATED THAT THE FIRM PERMITTEDAPPROXIMATELY 50 REPRESENTATIVES TO DISSEMINATE CONSOLIDATEDREPORTS TO APPROXIMATELY 600 CUSTOMERS. THE FIRM'SSUPERVISORY SYSTEMS OR PROCEDURES ADDRESSING THE USE ANDSUPERVISION OF CONSOLIDATED REPORTS WERE INADEQUATE, AS THEYDID NOT SUFFICIENTLY ADDRESS MATTERS OF CONCERN SPECIFIC TOCONSOLIDATED REPORTS, SUCH AS THE VERIFICATION OF VALUATIONINFORMATION OR OTHER INFORMATION ENTERED MANUALLY BYREGISTERED REPRESENTATIVES OR ENSURING THAT REGISTEREDREPRESENTATIVES RETAINED SUPPORTING DOCUMENTATION FOR SUCHMANUALLY ENTERED INFORMATION. THE FINDINGS ALSO STATED THAT AREVIEW OF CONSOLIDATED REPORTS ISSUED BY THE FIRM'SREPRESENTATIVES IDENTIFIED INSTANCES IN WHICH REPRESENTATIVESSENT CONSOLIDATED REPORTS TO CUSTOMERS CONTAININGINACCURACIES SUCH AS MANUAL ENTRIES THAT REFLECTED POSITIONSNO LONGER OWNED BY THE CUSTOMER AND MANUAL ENTRIES THATREFLECTED INCORRECT QUANTITIES AND PRICES FOR OTHERPOSITIONS.
Current Status: Final
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Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other
Other Sanction(s)/ReliefSought:
N/A
Date Initiated: 09/23/2016
Docket/Case Number: 2015043357501
Principal Product Type: No Product
Other Product Type(s):
WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE SANCTIONS AND TO THE ENTRY OF FINDINGS THAT IT FAILED TOESTABLISH AN ADEQUATE SUPERVISORY SYSTEM TO SUPERVISE THEUSE OF CONSOLIDATED REPORTS PREPARED BY ITS REGISTEREDREPRESENTATIVES. THE FINDINGS STATED THAT THE FIRM PERMITTEDAPPROXIMATELY 50 REPRESENTATIVES TO DISSEMINATE CONSOLIDATEDREPORTS TO APPROXIMATELY 600 CUSTOMERS. THE FIRM'SSUPERVISORY SYSTEMS OR PROCEDURES ADDRESSING THE USE ANDSUPERVISION OF CONSOLIDATED REPORTS WERE INADEQUATE, AS THEYDID NOT SUFFICIENTLY ADDRESS MATTERS OF CONCERN SPECIFIC TOCONSOLIDATED REPORTS, SUCH AS THE VERIFICATION OF VALUATIONINFORMATION OR OTHER INFORMATION ENTERED MANUALLY BYREGISTERED REPRESENTATIVES OR ENSURING THAT REGISTEREDREPRESENTATIVES RETAINED SUPPORTING DOCUMENTATION FOR SUCHMANUALLY ENTERED INFORMATION. THE FINDINGS ALSO STATED THAT AREVIEW OF CONSOLIDATED REPORTS ISSUED BY THE FIRM'SREPRESENTATIVES IDENTIFIED INSTANCES IN WHICH REPRESENTATIVESSENT CONSOLIDATED REPORTS TO CUSTOMERS CONTAININGINACCURACIES SUCH AS MANUAL ENTRIES THAT REFLECTED POSITIONSNO LONGER OWNED BY THE CUSTOMER AND MANUAL ENTRIES THATREFLECTED INCORRECT QUANTITIES AND PRICES FOR OTHERPOSITIONS.
Resolution Date: 09/23/2016
Resolution:
Other Sanctions Ordered:
Sanction Details: THE FIRM WAS CENSURED AND FINED $225,000.FINE PAID IN FULL ON OCTOBER 5, 2016.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $225,000.00
Acceptance, Waiver & Consent(AWC)
iReporting Source: Firm
Initiated By: FINRA
Date Initiated: 03/21/2016
Docket/Case Number: 2015043357501
Allegations: THE FIRM'S SUPERVISORY SYSTEMS AND PROCEDURES WEREINSUFFICIENT TO SUPERVISE THE USE OF CONSOLIDATED STATEMENTSWITH THE PUBLIC.
Current Status: Final
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Principal Sanction(s)/ReliefSought:
Censure
Other Sanction(s)/ReliefSought:
FINE OF $225,000
Docket/Case Number: 2015043357501
Principal Product Type: No Product
Other Product Type(s): CONSOLIDATED STATEMENTS
Resolution Date: 09/23/2016
Resolution:
Other Sanctions Ordered:
Sanction Details: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS;THEREFORE THE FIRM WAS FINED $225,000.
Sanctions Ordered: CensureMonetary/Fine $225,000.00
Acceptance, Waiver & Consent(AWC)
Disclosure 4 of 9
i
Reporting Source: Regulator
Allegations: FINRA RULES 2010, 2330(D), NASD RULES 2110, 2330(C), 2330(D), 3010 -UNITED PLANNERS FINANCIAL SERVICES OF AMERICA, A LIMITEDPARTNERSHIP FAILED TO HAVE IN PLACE A SUPERVISORY SYSTEMREASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLESECURITIES LAWS, PROCEDURES AND NASD RULES WITH RESPECT TOVARIABLE ANNUITY (VA) TRANSACTIONS OF FIELD OFFICE OFSUPERVISORY JURISDICTION (OSJ) SUPERVISORS. THE FIRM PERMITTEDSUCH SUPERVISORS TO SELF-APPROVE THEIR OWN SALE OF VAS ANDITS SYSTEM OF POST-TRANSACTION REVIEW WAS INADEQUATE. THEPOST-TRANSACTION SYSTEM DELEGATED TO A PRINCIPAL THERESPONSIBILITY FOR REVIEWING AND APPROVING VA SALES WHILEFAILING TO PROVIDE EFFECTIVE GUIDANCE, PROCEDURES AND TOOLSAS TO HOW THE REVIEWS WERE TO BE CONDUCTED AND FAILING TOEFFECTIVELY AUDIT THE PROCESS. THE FIRM ALSO DID NOT HAVE ANYSUPERVISORY SYSTEMS TO MONITOR, DETECT OR IDENTIFYPOTENTIALLY UNSUITABLE OR OTHERWISE VIOLATIVE VA TRANSACTIONSAND EXCHANGES. THE FIRM ASSIGNED THE HOME OFFICE OSJSUPERVISOR POSITION TO A PRINCIPAL WHO THE FIRM DID NOTEFFECTIVELY EVALUATE OR TRAIN TO UNDERTAKE THERESPONSIBILITIES OF THE POSITION. THE SYSTEM WAS NOTREASONABLY DESIGNED TO ENSURE THAT VAS WERE SOLD TOCUSTOMERS FOR WHOM THE PRODUCT WAS SUITABLE. THE FIRM'SWRITTEN SUPERVISORY PROCEDURES (WSPS) FAILED TO MAKEREFERENCE TO THE HOME OFFICE OSJ SUPERVISOR'S POSITION ANDDUTIES AND FAILED TO ADEQUATELY DESCRIBE HOW SHE WAS TOUNDERTAKE AND EFFECTUATE THE REVIEW OF SALES OF VAS BY FIELDOSJ SUPERVISORS. THE FIRM'S WSPS DESCRIBED A PROCEDURE FOR VASALES SUPERVISION BY WHICH ITS SUPERVISORY PERSONNEL WERE TOUSE SPONSOR-PROVIDED REPORTS TO IDENTIFY RED FLAGS AND OTHERPOTENTIAL AREAS OF CONCERN BUT KNEW IT WOULD NOT OBTAINTHESE REPORTS AND AFTER THAT, THE SUPERVISION OF VATRANSACTIONS PROCEEDED WITHOUT THE RELEVANT SUPERVISORHAVING ACCESS TO THE REPORTS. WSPS STATED THAT THE HOMEOFFICE OSJ SUPERVISOR WAS TO CONDUCT A WEEKLY REVIEW OF THEBLOTTER, FOR AMONG OTHER THINGS, SUITABILITY AND SWITCHING, ANDTHAT THE COMPLIANCE DEPARTMENT WAS TO CONDUCT AN AUDIT OF ALLOSJ LOCATIONS, BUT NEITHER OF THESE PROCEDURES WASADEQUATELY FOLLOWED. WHILE THE FIRM CONDUCTED AUDITS OF OSJLOCATIONS, IT DID NOT AUDIT THE HOME OFFICE OSJ SUPERVISOR'SREVIEW PROCESS OR WORK. THE FIRM IMPROPERLY ALLOWED ITS FIELDOSJ SUPERVISORS TO SUBMIT THEIR OWN CUSTOMERS' VAAPPLICATIONS TO THE INSURANCE COMPANIES FOR PROCESSING PRIORTO OBTAINING PRINCIPAL REVIEW AND APPROVAL OF THETRANSACTIONS. THE FIRM REVISED ITS WSPS WITH RESPECT TO VASALES TO COMPLY WITH FINRA RULE 2330 BUT THE REVISIONSCONTINUED TO PERMIT FIELD OSJ SUPERVISORS TO APPROVE THEIROWN SALE OF VAS, AND DID NOT BRING THE FIRM INTO COMPLIANCEWITH THE RULE'S REQUIREMENT THAT ALL CUSTOMER VA APPLICATIONSRECEIVE PRINCIPAL REVIEW AND APPROVAL PRIOR TO TRANSMISSION TOTHE INSURANCE CARRIERS. THE FIRM'S PROCEDURES CONTINUED TOSTIPULATE THAT FIELD OSJ SUPERVISORS COULD SELF-APPROVE THEIROWN TRANSACTIONS ON BEHALF OF THE FIRM.
Current Status: Final
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Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 07/26/2012
Docket/Case Number: 2010024250201
Principal Product Type: Annuity(ies) - Variable
Other Product Type(s):
FINRA RULES 2010, 2330(D), NASD RULES 2110, 2330(C), 2330(D), 3010 -UNITED PLANNERS FINANCIAL SERVICES OF AMERICA, A LIMITEDPARTNERSHIP FAILED TO HAVE IN PLACE A SUPERVISORY SYSTEMREASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLESECURITIES LAWS, PROCEDURES AND NASD RULES WITH RESPECT TOVARIABLE ANNUITY (VA) TRANSACTIONS OF FIELD OFFICE OFSUPERVISORY JURISDICTION (OSJ) SUPERVISORS. THE FIRM PERMITTEDSUCH SUPERVISORS TO SELF-APPROVE THEIR OWN SALE OF VAS ANDITS SYSTEM OF POST-TRANSACTION REVIEW WAS INADEQUATE. THEPOST-TRANSACTION SYSTEM DELEGATED TO A PRINCIPAL THERESPONSIBILITY FOR REVIEWING AND APPROVING VA SALES WHILEFAILING TO PROVIDE EFFECTIVE GUIDANCE, PROCEDURES AND TOOLSAS TO HOW THE REVIEWS WERE TO BE CONDUCTED AND FAILING TOEFFECTIVELY AUDIT THE PROCESS. THE FIRM ALSO DID NOT HAVE ANYSUPERVISORY SYSTEMS TO MONITOR, DETECT OR IDENTIFYPOTENTIALLY UNSUITABLE OR OTHERWISE VIOLATIVE VA TRANSACTIONSAND EXCHANGES. THE FIRM ASSIGNED THE HOME OFFICE OSJSUPERVISOR POSITION TO A PRINCIPAL WHO THE FIRM DID NOTEFFECTIVELY EVALUATE OR TRAIN TO UNDERTAKE THERESPONSIBILITIES OF THE POSITION. THE SYSTEM WAS NOTREASONABLY DESIGNED TO ENSURE THAT VAS WERE SOLD TOCUSTOMERS FOR WHOM THE PRODUCT WAS SUITABLE. THE FIRM'SWRITTEN SUPERVISORY PROCEDURES (WSPS) FAILED TO MAKEREFERENCE TO THE HOME OFFICE OSJ SUPERVISOR'S POSITION ANDDUTIES AND FAILED TO ADEQUATELY DESCRIBE HOW SHE WAS TOUNDERTAKE AND EFFECTUATE THE REVIEW OF SALES OF VAS BY FIELDOSJ SUPERVISORS. THE FIRM'S WSPS DESCRIBED A PROCEDURE FOR VASALES SUPERVISION BY WHICH ITS SUPERVISORY PERSONNEL WERE TOUSE SPONSOR-PROVIDED REPORTS TO IDENTIFY RED FLAGS AND OTHERPOTENTIAL AREAS OF CONCERN BUT KNEW IT WOULD NOT OBTAINTHESE REPORTS AND AFTER THAT, THE SUPERVISION OF VATRANSACTIONS PROCEEDED WITHOUT THE RELEVANT SUPERVISORHAVING ACCESS TO THE REPORTS. WSPS STATED THAT THE HOMEOFFICE OSJ SUPERVISOR WAS TO CONDUCT A WEEKLY REVIEW OF THEBLOTTER, FOR AMONG OTHER THINGS, SUITABILITY AND SWITCHING, ANDTHAT THE COMPLIANCE DEPARTMENT WAS TO CONDUCT AN AUDIT OF ALLOSJ LOCATIONS, BUT NEITHER OF THESE PROCEDURES WASADEQUATELY FOLLOWED. WHILE THE FIRM CONDUCTED AUDITS OF OSJLOCATIONS, IT DID NOT AUDIT THE HOME OFFICE OSJ SUPERVISOR'SREVIEW PROCESS OR WORK. THE FIRM IMPROPERLY ALLOWED ITS FIELDOSJ SUPERVISORS TO SUBMIT THEIR OWN CUSTOMERS' VAAPPLICATIONS TO THE INSURANCE COMPANIES FOR PROCESSING PRIORTO OBTAINING PRINCIPAL REVIEW AND APPROVAL OF THETRANSACTIONS. THE FIRM REVISED ITS WSPS WITH RESPECT TO VASALES TO COMPLY WITH FINRA RULE 2330 BUT THE REVISIONSCONTINUED TO PERMIT FIELD OSJ SUPERVISORS TO APPROVE THEIROWN SALE OF VAS, AND DID NOT BRING THE FIRM INTO COMPLIANCEWITH THE RULE'S REQUIREMENT THAT ALL CUSTOMER VA APPLICATIONSRECEIVE PRINCIPAL REVIEW AND APPROVAL PRIOR TO TRANSMISSION TOTHE INSURANCE CARRIERS. THE FIRM'S PROCEDURES CONTINUED TOSTIPULATE THAT FIELD OSJ SUPERVISORS COULD SELF-APPROVE THEIROWN TRANSACTIONS ON BEHALF OF THE FIRM.
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Other Sanction(s)/ReliefSought:
Resolution Date: 07/26/2012
Resolution:
Other Sanctions Ordered:
Sanction Details: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE DESCRIBED SANCTIONS AND TO THE ENTRY OF FINDINGS;THEREFORE, THE FIRM IS CENSURED AND FINED $200,000. FINE PAID INFULL ON 08/02/2012.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Sanctions Ordered: CensureMonetary/Fine $200,000.00
Acceptance, Waiver & Consent(AWC)
iReporting Source: Firm
Initiated By: FINRA
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 07/26/2012
Docket/Case Number: 2010024250201
Principal Product Type: Annuity(ies) - Variable
Other Product Type(s):
Allegations: FINRA RULES 2010, 2330(D), NASD RULES 2110, 2330(C), 2330(D), 3010 -UNITED PLANNERS FINANCIAL SERVICES OF AMERICA, A LIMITEDPARTNERSHIP FAILED TO HAVE IN PLACE A SUPERVISORY SYSTEMREASONABLY DESIGNED TO ACHIEVE COMPLIANCE WITH APPLICABLESECURITIES LAWS, PROCEDURES AND NASD RULES WITH RESPECT TOVARIABLE ANNUITY (VA) TRANSACTIONS OF FIELD OFFICE OFSUPERVISORY JURISDICTION (OSJ) SUPERVISORS. THE FIRM PERMITTEDSUCH SUPERVISORS TO SELF-APPROVE THEIR OWN SALE OF VA AND ITSSYSTEM OF POST-TRANSACTION REVIEW WAS INADEQUATE.
Current Status: Final
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Other Sanction(s)/ReliefSought:
Resolution Date: 07/26/2012
Resolution:
Other Sanctions Ordered:
Sanction Details: WITHOUT ADMITTING OR DENYING THE FINDINGS, THE FIRM CONSENTEDTO THE DESCRIBED SANCTION AND TO THE ENTRY OF FINDINGS;THEREFORE, THE FIRN IS FINED $200,000.00
Firm Statement THE FIRM HAS ADOPTED NEW POLICIES AND PROCEDURES INACCORDANCE WITH APPLICABLE SECURITIES LAWS.
Sanctions Ordered: CensureMonetary/Fine $200,000.00
Acceptance, Waiver & Consent(AWC)
Disclosure 5 of 9
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Reporting Source: Firm
Initiated By: ARIZONA CORPORATION COMMISSION
Principal Sanction(s)/ReliefSought:
Censure
Other Sanction(s)/ReliefSought:
Date Initiated: 06/06/2001
Docket/Case Number: S-03367A-01-0000
Principal Product Type: No Product
Other Product Type(s):
Allegations: UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITEDPARTNER, FAILED TO REASONABLY SUPERVISE ITS SALESPERSONS BYESTABLISHING AND MAINTAINING WRITTEN PROCEDURES, AND A SYSTEMFOR APPLYING SUCH PROCEDURES, WHICH WOULD REASONABLY BEEXPECTED TO PREVENT AND DETECT, INSOFAR AS PRACTICABLE,POTENTIAL VIOLATIONS OF THE SECURITIES ACT, OR OF THE RULES ORREGULATIONS ADOPTED THEREUNDER.
Current Status: Final
Resolution Date: 06/05/2001
Resolution:
Sanctions Ordered: Monetary/Fine $75,000.00
Acceptance, Waiver & Consent(AWC)
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Other Sanctions Ordered: TO ADOPT, IMPLEMENT AND MAINTAIN REMEDIAL MEASURES AND NEWSUPERVISORY AND COMPLIANCE PROCEDURES.
Sanction Details: UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITEDPARTNER, PAID $75,000.00 FINE IN FULL ON 6/05/2001.
Firm Statement THE FIRM HAS ADOPTED NEW POLICIES AND PROCEDURES INACCORDANCE WITH STATE AND FEDERAL REGULATORY AGENCIES.
Sanctions Ordered: Monetary/Fine $75,000.00
Disclosure 6 of 9
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Reporting Source: Regulator
Initiated By: ARIZONA CORPORATION COMMISSION, SECURITIES DIVISION
Principal Sanction(s)/ReliefSought:
Cease and Desist
Other Sanction(s)/ReliefSought:
ORDER OF RESTITUTION, RESCISSION, DAMAGES, PENALTIES ORDISGORGEMENT
Date Initiated: 06/06/2001
Docket/Case Number: S-03367A-01-0000 DECISION # 637320
URL for Regulatory Action:
Principal Product Type: No Product
Other Product Type(s):
Allegations: UNITED PLANNERS' FAILED TO REASONABLY SUPERVISE SOME OF ITSREGISTERED REPRESENTATIVES, PARTICULARLY ROBERT SCALZI. MR.SCALZI SOLD UNREGISTERED SECURITIES OF MEDCO INC. TO TWOMARRIED COUPLES AND ONE INDIVIDUAL INVESTOR. UNITED PLANNERS'KNEW OR SHOULD HAVE KNOWN OF FACTS AND CIRCUMSTANCES THATWOULD HAVE PUT IT ON NOTICE OF POSSIBLE VIOLATIONS BY SOME OFITS SALESPERSONS.
Current Status: Final
Resolution Date: 06/06/2001
Resolution:
Other Sanctions Ordered:
Sanction Details: UNITED PLANNERS' CONSENTED TO AN ORDER TO CEASE AND DESIST,ORDER FOR RESTITUTION, ORDER FOR ADMINISTRATIVE PENALTY ANDCONSENT TO SAME. IN ACCORDANCE WITH THE ORDER, UNITEDPLANNERS' PAID $4,538 IN RESTITUTION AND $75,000 IN PENALTIES.
Sanctions Ordered: Monetary/Fine $75,000.00Disgorgement/RestitutionCease and Desist/Injunction
Consent
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Sanction Details: UNITED PLANNERS' CONSENTED TO AN ORDER TO CEASE AND DESIST,ORDER FOR RESTITUTION, ORDER FOR ADMINISTRATIVE PENALTY ANDCONSENT TO SAME. IN ACCORDANCE WITH THE ORDER, UNITEDPLANNERS' PAID $4,538 IN RESTITUTION AND $75,000 IN PENALTIES.
iReporting Source: Firm
Initiated By: ARIZONA CORPORATIONS COMMISION, SECURITIES DIVISION
Principal Sanction(s)/ReliefSought:
Censure
Other Sanction(s)/ReliefSought:
Date Initiated: 09/28/2000
Docket/Case Number: S-03367A-00-0000
Principal Product Type: No Product
Other Product Type(s):
Allegations: THE DIVISION HAS REVIEWED INSTANCES OF SELLING AWAY BY TWOAGENTS AND THE SUPERVISORY PROCEDURES FOLLOWED BY THE FIRMIN CONJUNCTION THEREWITH. THEY ALSO REVIEWED THE FIRM'SINSPECTION AND TRAINING PROCEDURES.
Current Status: Final
Resolution Date: 06/05/2001
Resolution:
Other Sanctions Ordered: TO ADOPT, IMPLEMENT AND MAINTAIN REMEDIAL MEASURES ANDSUPERVISORY AND COMPLIANCE PROCEDURES.
Sanction Details: UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA A LIMITEDPARTNER PAID IN FULL $75000.00 FINE 6/5/01
Firm Statement THE DIVISION HAS REVIEWED INSTANCES OF SELLING AWAY BY TWOAGENTS AND THE SUPERVISORY PROCEDURES FOLLOWED BY THE FIRMIN CONJUNCTION THEREWITH. THEY ALSO REVIEWED THE FIRM'SINSPECTION AND TRAINING PROCEDURES. THE FIRM HAS ADOPTED NEWPOLICIES AND PROCEDURES IN ACCORDANCE WITH STATE AND FEDERALREGULATIONS
Sanctions Ordered: Monetary/Fine $75,000.00
Acceptance, Waiver & Consent(AWC)
Disclosure 7 of 9
i
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Disclosure 7 of 9
Reporting Source: Regulator
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Date Initiated: 03/02/2001
Docket/Case Number: C3A010006
Principal Product Type: No Product
Other Product Type(s):
Allegations: 03-06-01, NASD RULES 1120, 3010(A)(7),3010(C),3070 - RESPONDENTMEMBER, ACTING THROUGH AN INDIVIDUAL, FAILED TO INSPECT EACHOFFICE OF SUPERVISORY JURISDICTION ANNUALLY,FAILED TO ESTABLISHAND SET FORTH IN THE FIRM'S WRITTEN SUPERVISORY PROCEDURES ASCHEDULE FOR THE PERIODIC INSPECTION OF THE FIRM'S BRANCHOFFICES, FAILED TO CONDUCT ANNUAL COMPLIANCE INTERVIEWS WITHEACH REGISTERED REPRESENTATIVE, AND PREPARE A NEEDS ANALYSISAND WRITTEN TRAINING PLAN AT LEAST ANNUALLY AND IMPLEMENT AFIRM ELEMENT CONTINUING EDUCATION PROGRAM FOR ITS COVEREDPERSONS; AND, ACTING THROUGH AN INDIVIDUAL, FAILED TO REPORTCUSTOMER COMPLAINTS IN A QUARTERLY REPORT AND FAILED TOREPORT THE SETTLEMENT OF ARBITRATIONS TO THE NASD.
Current Status: Final
Resolution Date: 03/02/2001
Resolution:
Other Sanctions Ordered:
Sanction Details: CENSURED AND FINED $50,000
Sanctions Ordered: CensureMonetary/Fine $50,000.00
Acceptance, Waiver & Consent(AWC)
iReporting Source: Firm
Allegations: THE NASD ALLEGED THAT THE FIRM FAILED TO: INSPECT CERTAINOFFICES OF SUPERVISORY JURISDICTION ANNUALLY AND TO ESTABLISH ASCHEDULE FOR THE INSPECTION OF OFFICES (CONDUCT RULE 3010(C);CONDUCT ANNUAL COMPLIANCE INTERVIEW WITH CERTAIN REGISTEREDREPRESENTATIVES [CR 3010(A)(7)] TO REPORT FIVE CUSTOMERCOMPLAINTS AND TWO ARBITRATIONS [CR 3070]; TO PREPARE A NEEDSANALYSIS AND WRITTEN TRAINING PLAN ANNUALLY AND IMPLEMENT THEFIRM ELEMENT PROGRAM [CR 1120].
Current Status: Final
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Initiated By: NASD REGULATION, INC.
Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanction(s)/ReliefSought:
Date Initiated: 03/19/1999
Docket/Case Number: E3A990278
Principal Product Type: No Product
Other Product Type(s):
Allegations: THE NASD ALLEGED THAT THE FIRM FAILED TO: INSPECT CERTAINOFFICES OF SUPERVISORY JURISDICTION ANNUALLY AND TO ESTABLISH ASCHEDULE FOR THE INSPECTION OF OFFICES (CONDUCT RULE 3010(C);CONDUCT ANNUAL COMPLIANCE INTERVIEW WITH CERTAIN REGISTEREDREPRESENTATIVES [CR 3010(A)(7)] TO REPORT FIVE CUSTOMERCOMPLAINTS AND TWO ARBITRATIONS [CR 3070]; TO PREPARE A NEEDSANALYSIS AND WRITTEN TRAINING PLAN ANNUALLY AND IMPLEMENT THEFIRM ELEMENT PROGRAM [CR 1120].
Resolution Date: 03/02/2001
Resolution:
Other Sanctions Ordered:
Sanction Details: CENSURE AND FINE IN THE AMOUNT OF $50,000.00 TO UNITED PLANNERS.
Firm Statement WITHOUT ADMITTING OR DENYING THE ALLEGATONS, UNITED PLANNERS'FINANCIAL SERVICES OF AMERICA A LIMITED PARTNER, ENTERED INTO ANAGREEMENT WITH THE NASD FOR FAILURE TO: INSPECT CERTAINOFFICES OF SUPERVISORY JURISDICTION ANNUALLY AND TO ESTABLISH ASCHEDULE FOR THE INSPECTION OF OFFICES; CONDUCT ANNUALCOMPLIANCE INTERVIEW WITH CERTAIN REGISTERED REPRESENTATIVESTO REPORT FIVE CUSTOMER COMPLAINTS AND TWO ARBITRATIONS; TOPREPARE A NEEDS ANALYSIS AND WRITTEN TRAINING PLAN ANNUALLYAND IMPLEMENT THE FIRM ELEMENT PROGRAM.
Sanctions Ordered: Monetary/Fine $50,000.00
Acceptance, Waiver & Consent(AWC)
Disclosure 8 of 9
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Reporting Source: Firm
Allegations: THE STATE OF FLORIDA, DEPARTMENT OF BANKING AND FINANCE,DIVISION OF SECURITIES, ALLEGED THAT UNITED PLANNERS' FINANCIALSERVICES OF AMERICA A LIMITED PARTNER, CONDUCTED SECURITIES/ADVISORY BUSINESS IN FLORIDA, AT FIVE LOCATIONS, WITHOUT BENEFITOF LAWFUL REGISTRATION IN VIOLATION OF FLORIDA STATUTES ANDFLORIDA ADMINISTRATIVE CODE.
Current Status: Final
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Initiated By: STATE OF FLORIDA DEPARTMENT OF BANKING AND FINANCE DIVISION
Principal Sanction(s)/ReliefSought:
Civil and Administrative Penalt(ies) /Fine(s)
Other Sanction(s)/ReliefSought:
Date Initiated: 09/30/1999
Docket/Case Number: ADMINISTRATIVE PROCEEDING NO. 2856-5-9/9
Principal Product Type: No Product
Other Product Type(s):
Allegations: THE STATE OF FLORIDA, DEPARTMENT OF BANKING AND FINANCE,DIVISION OF SECURITIES, ALLEGED THAT UNITED PLANNERS' FINANCIALSERVICES OF AMERICA A LIMITED PARTNER, CONDUCTED SECURITIES/ADVISORY BUSINESS IN FLORIDA, AT FIVE LOCATIONS, WITHOUT BENEFITOF LAWFUL REGISTRATION IN VIOLATION OF FLORIDA STATUTES ANDFLORIDA ADMINISTRATIVE CODE.
Resolution Date: 11/15/1999
Resolution:
Other Sanctions Ordered:
Sanction Details: AN ADMINISTRATIVE FINE IN THE AMOUNT OF FIVE THOUSAND DOLLARS,MADE PAYABLE TO THE SECURITIES ANTI-FRAUD TRUST FUND WAS PAIDON OCTOBER 12, 1999.
Sanctions Ordered: Monetary/Fine $5,000.00Cease and Desist/Injunction
Stipulation and Consent
Disclosure 9 of 9
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Reporting Source: Regulator
Initiated By: NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.
Principal Sanction(s)/ReliefSought:
Date Initiated: 12/22/1994
Docket/Case Number: C3A940067
Principal Product Type:
Other Product Type(s):
Allegations:
Current Status: Final
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Principal Sanction(s)/ReliefSought:
Other Sanction(s)/ReliefSought:
Resolution Date: 06/13/1995
Resolution:
Other Sanctions Ordered:
Sanction Details:
Regulator Statement COMPLAINT NO. C3A940067 FILED DECEMBER 22, 1994 BY DISTRICT NO.3 AGAINST UNITED PLANNERS' FINANCIAL SERVICES OF AMERICA,EDWARD BARCALO VALLONE, II, AND VAUGHN SHELDON OLTHOUSEALLEGING VIOLATIONS OF ARTICLE III, SECTION 1 OF THE RULES OFFAIR PRACTICE IN THAT, IN CONTRAVENTION OF THE REQUIREMENTS OFTHE INTERPRETATION OF THE BOARD OF GOVERNORS ENTITLED"FREE-RIDING AND WITHHOLDING", RESPONDENT MEMBER, ACTINGTHROUGH RESPONDENTS OLTHOUSE AND VALLONE, SOLD SHARES OFSECURITIES TO THE ACCOUNT OF PUBLIC CUSTOMERS DURING THEINITIAL PUBLIC OFFERING FOR THESE SECURITIES AT THE PUBLICOFFERING PRICE WHICH TRADED AT AN IMMEDIATE PREMIUM IN THESECONDARY MARKET, AND CAUSED SECURITIES TO BE SOLD TO THEACCOUNT OF AN ENTITY OF THE CUSTOMERS AS TO WHETHER THEULTIMATE PURCHASERS WOULD BE, AMONG OTHERS, ANY SENIOROFFICEROF A BANK, SAVINGS AND LOAN, REGISTERED INVESTMENT COMPANY ORANY OTHER PERSON WHOSE DIRECTLY OR INDIRECTLY ARE RELATED TOTHE FUNCTION OF BUYING AND SELLING SECURITIES FOR ANY BANK ORREGISTERED INVESTMENT COMPANY.
ON JUNE 13, 1995, THE DECISION AND ORDER OF ACCEPTANCE OF OFFEROF SETTLEMENT SUBMITTED BY RESPONDENTS MEMBER, OLTHOUSEANDVALLONE WAS ISSUED; THEREFORE, THEY ARE CENSURED AND FINED$2,500, JOINTLY AND SEVERALLY. THE COMMITTEE DISMISSED THEALLEGATIONS RELATING TO ITS ALLEGED FAILURE TO MAKE ANAFFIRMATIVE INQUIRY REGARDING RESPONDENT MEMBER PROVIDEDADDITIONAL INFORMATION SUBSEQUENT TO THE FILING OF THECOMPLAINT.************************************************************ ***$2,500.00 J&S PAID ON 6/27/95 INVOICE NO. 95-3A-376***
Sanctions Ordered: CensureMonetary/Fine $2,500.00
Consent
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iReporting Source: Firm
Initiated By: NASD
Principal Sanction(s)/ReliefSought:
Other
Other Sanction(s)/ReliefSought:
ADMINISTRATIVE
Date Initiated: 12/23/1994
Docket/Case Number: COMPLAINT #C3A940067
Principal Product Type: Equity - OTC
Other Product Type(s):
Allegations: ALLEGATIONS OF VIOLATION OF ARTICLE III, SECTION I OF THEASSOCIATIONS RULES OF FAIR PRACTICE IN FAILING TO COMPLY WITHPROVISION OF THE INTERPRETATION OF THE BOARD OF GOVENORSENTITLED "FREERIDING & WITHHOLDING".
Current Status: Final
Resolution Date: 06/13/1995
Resolution:
Other Sanctions Ordered:
Sanction Details: FINE WAS PAID BY APPLICANT ON 6/23/1995
Sanctions Ordered: CensureMonetary/Fine $2,500.00
Settled
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Arbitration Award - Award / Judgment
Brokerage firms are not required to report arbitration claims filed against them by customers; however, BrokerCheckprovides summary information regarding FINRA arbitration awards involving securities and commodities disputesbetween public customers and registered securities firms in this section of the report. The full text of arbitration awards issued by FINRA is available at www.finra.org/awardsonline.
Disclosure 1 of 1
Reporting Source: Regulator
Type of Event: ARBITRATION
Arbitration Forum:
Case Initiated:
Case Number:
Allegations:
Disputed Product Type:
Sum of All Relief Requested:
Disposition:
Disposition Date:
Sum of All Relief Awarded:
NASD
04/19/1995
95-01745
ACCOUNT ACTIVITY-BRCH OF FIDUCIARY DT; ACCOUNT ACTIVITY-OTHER;ACCOUNT ACTIVITY-SUITABILITY; ACCOUNT RELATED-FAILURE TOSUPERVISE
NO OTHER TYPE OF SEC INVOLVE; LIMITED PARTNERSHIPS; MUTUALFUNDS
$1,661,776.00
AWARD AGAINST PARTY
11/17/1995
$75,000.00
There may be a non-monetary award associated with this arbitration.Please select the Case Number above to view more detailed information.
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