Aaron Rice Allegedly Misrepresented Unit Investment Trusts
Aaron Rice (CRD #: 5416008), a broker registered with PNC Investments, allegedly misrepresented a UIT, according to his BrokerCheck record, accessed on September 2, 2022. Keep reading if you have questions about his conduct as a broker.
Investor Dispute
In a dispute filed on June 24, 2022, an investor alleged that Aaron Rice misrepresented the fee structure of certain unit investment trusts (UITs) purchased in January 2021. The client additionally alleged that he did not understand that his interest in the UITs would mature in April 2022. The client sought $71,000 but the dispute was denied by the firm.
However, investors should know that firms can deny disputes without allowing an outside review, and investors may be able to recover their losses by pursuing FINRA arbitration after a denial.
FINRA Rule 2020
FINRA Rule 2020 bans the use of deception and manipulation in investors’ decisions. The misrepresentation and omission of information relating to investments violate this rule.
What is a Unit Investment Trust?
A unit investment trust (UIT) generates returns from a portfolio of stocks and bonds that, once chosen, won’t be changed or managed during the life of the UIT. Investors receive their principal and any interest minus fees once the UIT matures, or can forgo interest in favor of remaining invested in the fund’s underlying securities. UITs come with their own risks, such as the potential for high-risk investments and a lack of liquidity.
Background Information
Aaron Rice has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
Aaron Rice is a registered broker in California, Minnesota, Nevada, Tennessee, and Washington. He is also a registered investment adviser in California.
He has worked for the following firms:
- PNC Managed Account Solutions (CRD#:110476)
- BBVA Securities (CRD#:27060)
- BBVA Compass Investment Solutions (CRD#:17086)
- Wells Fargo Advisors (CRD#:19616)
- Edward Jones (CRD#:250)
Kurta Law Can Help
If you worked with Aaron Rice and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.