(FINRA, 2011) Elderly Investor Recovers Losses Tied to UIT After a four day hearing, a panel of FINRA arbitrators awarded $130,000.00 in compensatory damages to our clients. The damages were for losses incurred by an elderly woman with Alzheimer’s disease whose funds were invested primarily in high-risk securities, including a Claymore Unit Investment Trust (“UIT”).
With apologies to “My Cousin Vinnie,” a UIT is a Unit Investment Trust. UITs are investment products that brokers love to sell and investors should avoid. UITs are portfolios of stocks, bonds, or mutual funds which are assembled by trustees and then sold in units consisting of a portion of all of the assets in […]