(FINRA Case #2016051367201)
Elaine Diones LaCerte (CRD #1536459, Colorado Springs, Colorado) – An AWC (Accept, Wavier & Consent) was issued in which LaCerte was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for six months.
Without admitting or denying the findings, LaCerte consented to the sanctions and to the entry of findings that she engaged in an unsuitable pattern of short-term trading of UITs in customer accounts.
The findings stated that in connection with these accounts, LaCerte repeatedly recommended that the customers purchase UlTs and then sell these products well before their maturity dates. In addition, on more than 100 occasions, LaCerte recommended that her customers use the proceeds from the short term sale of a UIT to purchase another UIT with identical investment objectives.
LaCerte’s recommendations caused the customers to incur unnecessary sales charges, and were unsuitable in view of the frequency and cost of the transactions.
LaCerte worked for Morgan Stanly from 2009 to 2016.
The suspension is in effect from September 5, 2017, through March 4, 2018.
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