FINRA Orders American Portfolios to Pay $1.2 Million in Restitution and $400,000 in Fines for UIT Supervision Failures
WASHINGTON—FINRA has ordered American Portfolios Financial Services, Inc. to pay $1,232,939 in restitution, plus interest, to customers and has fined the member firm $400,000 for failing to reasonably supervise recommendations that customers sell unit investment trusts (UITs) before their maturity dates, which resulted in customers paying unnecessary costs and fees.