Financial firms land on disciplinary action list

Also, although Cetera’s owner, RCS Capital, filed for prearranged Chapter 11 bankruptcy protection Jan. 31, the company said Cetera will be unaffected by the bankruptcy and will remain intact in the form of a privately held company.

Cetera did not respond to a request for comment.

Meanwhile, Finra also has been going after firms for infractions related to unit investment trusts. Basically, UITs are investments in a fixed portfolio of income-producing securities that have a defined maturity date.

In one case, Finra found that Woodbury Financial Services, of Oakdale, Minnesota, failed to identify and apply sales charge discounts to certain customers’ eligible purchases of UITs. This resulted in customers paying excessive sales charges of about $98,937, according to Finra.