Mark Ketner Allegedly Engages In A Pattern Of Unsuitable And Excessive UIT Trading

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Mark Ketner. According to his publicly available FINRA BrokerCheck report, Mark Ketner has been the subject of multiple customer disputes over the course of his career.

Mark Ketner is a New York based securities broker. He has worked in the securities industry for thirty-six years. During his career, he has been registered with nine different securities firms.

His Registrations

• First Jersey Securities (1983-1987)


• Sherwood Capital (1987-1988)


• Hibbard Brown & Co. (1988-1994)


• Westfield Financial Corporation (1994)


• Patterson Travis (1994-1998)


• Royce Investment Group (1998-1999)


• Investec Ernst & Company (1999-2002)


• Maxim Group (2002-2018)


• PHX Financial (2018-Present)

• In August 2006 a customer alleged that Mark Ketner recommended unsuitable investments. This case was settled for $40,000 in damages.


• In March 2010, a customer alleged that Mark Ketner churned their account. The alleged transgressions taking place between October 2008 and March 2010. This case was settled for $25,000 in damages.


• In August 2010, customers alleged that Mark Ketner excessively traded their account and recommended unsuitable securities. This case was settled for $42,500 in damages.


• In May 2011, a customer alleged that Mark Ketner made unsuitable investment recommendations. This case was settled for $30,000 in damages.


• In December 2011, a customer alleged that Mark Ketner executed unsuitable transactions. This case was settled for $55,000 in damages.


• In July 2013, a customer alleged that Mark Ketner engaged in unsuitable investment practices. This case was settled for $150,000 in damages.


• In April 2015, a customer alleged that Mark Ketner made unsuitable trades on their behalf and excessively traded their account. This case went to arbitration where the customer was awarded $199,788 in damages.


• In March 2018, he was sanctioned by FINRA. The findings in this matter state that he allegedly took part in an unsuitable pattern of short-term trading of unit investment trusts. He allegedly repeatedly recommended that these customers sell these products well before their maturity dates. Due to these allegations, he was fined $5,000, forced to pay $1,054 in restitution and suspended by FINRA from acting as a securities broker in any fashion for a period of two months.

Unit Investment Trusts, or UITs are securities that encompass a fixed portfolio of investments sold as individual units--similar to mutual funds. However, unlike mutual funds, UITs are required to be held onto for a predetermined time for them to mature. Until this takes place, investors will not see the desired returns on these products. Excessive short-term UIT trading also racks up a lot of sales charges for the investor. These charges are mostly presented to the broker as their commission for executing the trade. These sales charge gravely cause the investor's principal to deteriorate. Due to the excessive sales charges and the inability to see desired returns when selling these products before their maturity date, excessive short-term trading for UITs is incredibly unsuitable for investors.

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 Mark Ketner, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.