(FINRA Case #2015046087601)
Christopher Robert Hickman (CRD #3267599, Boynton Beach, Florida) – An AWC (Accept, Waiver & Consent) was issued in which Hickman was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacities for five months, and ordered to pay $115,989.75, plus interest, in deferred restitution to customers.
Without admitting or denying the findings, Hickman consented to the sanctions and to the entry of findings that he engaged in an unsuitable pattern of short-term trading of UITs (Unit Investment Trusts) in six customer accounts.
The findings stated that Hickman repeatedly recommended that the customers purchase UITs and then sell these products within a year of purchase. The UITs that Hickman recommended had maturity dates of 24 months or longer and carried sales charges of up to 3.95 percent. The average holding period for the UITs purchased in these six customers’ accounts was just 136 days.
In addition, on several occasions, Hickman recommended that his customers use the proceeds from the short-term sale of a UIT to purchase another UIT with similar or even identical investment objectives. As a result of these transactions, the six customers at issue suffered losses of approximately $115,989.75.
The suspension is in effect from June 19, 2017, through November 18, 2017.
Between 2005 and 2017 Hickman had seven Customer Complaints with FINRA. Of the complaints two were denied, four were settled and one is still pending.
If you feel you have been misled or taken advantage by Christopher Robert Hickman or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.