(FINRA Case #2013035035902)
James Sylvester Fleming III (CRD #846806, Paxton, Massachusetts) – An AWC (Accept, Wavier & Consent) was issued in which Fleming was fined $10,000 and suspended from association with any FINRA member in all capacities for four months.
Without admitting or denying the findings, Fleming consented to the sanctions and to the entry of findings that in connection with two customers’ accounts, he repeatedly recommended that the customers purchase UITs and then sell them well before their maturity dates.
The findings stated that the UITs that Fleming recommended had maturity dates of 24 months or longer and carried significant sales charges. Nevertheless, Fleming recommended that his customers sell their UIT positions within eight months of their purchase. In addition, on several occasions, Fleming recommended that his customers use the proceeds from the short-term sale of a UIT to purchase another UIT with similar investment objectives.
Fleming’s recommendations caused the customers to incur unnecessary sales charges and were unsuitable in view of the frequency and cost of the transactions.
Fleming worked for Questar Capital Corporation from July 2016 to July 2017. The suspension is in effect from August 7, 2017, through December 6, 2017.
If you feel you have been misled or taken advantage by James Sylvester Fleming III 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.