The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Eric Kunis. According to his publicly available FINRA BrokerCheck report, Eric Kunis has been the subject of a FINRA sanction.
Eric Kunis is a New York-based securities broker. He has worked in the securities industry for twenty-five years. During his career, he has been registered with nine different securities firms.
His Registrations
- Hibbard Brown & Co. (1993-1994)
- Westfield Financial Corporation (1994)
- Corporate Securities Group (1994)
- Mclaughlin, Piven, Vogel Securities (1994-1995)
- Patterson Travis, Inc. (1995-1998)
- Royce Investment Group (1998-1999)
- Investec Ernst & Company (1999-2002)
- Maxim Group (2002-2018)
- Trident Partners (2018-Present)
The Allegations
Eric Kunis was officially sanctioned by FINRA in October 2018. The findings in this matter state that he engaged in an unsuitable pattern of short-term trading of unit investment trusts, or UITs. Due to these alleged actions, he was fined $2,500, forced to pay $2,189 in restitution, and suspended from acting as a securities broker in any fashion for a period of two months.
What are UITs?
Unit investment trusts are securities that encompass a wide portfolio of investments that are sold as individual units. These products are similar to mutual funds in that regard. However, unlike mutual funds, UITs must reach their maturity date if investors are to see any type of return on their investment. It is highly unsuitable for any broker to recommend investors sell UIT shares before their maturity dates as it prevents them from seeing desired investment returns. Excessive UIT trading also causes investors to incur significant fees that cause their principal investments to deteriorate.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Eric Kunis, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.
