Elizabeth Dickerson Suspended by FINRA Following Supervisory Allegations

Elizabeth Dickerson (CRD #: 1917497), a broker registered with United First Partners, has been suspended by FINRA, according to her BrokerCheck record, accessed on April 30, 2025. Keep reading to learn more about her alleged conduct as a broker.

FINRA Suspension

On March 24, 2025, Elizabeth Dickerson and United First Partners (UFP) consented to the entry of findings that they allegedly failed to establish a supervisory system reasonably designed to supervise outside brokerage accounts disclosed by the firm’s brokers.

The Letter of Acceptance, Waiver & Consent (AWC) further alleged that Elizabeth Dickerson, as UFP’s Chief Compliance Officer, and/or United First Partners engaged in the following misconduct:

• Failed to establish and enforce policies and procedures reasonably designed to restrict the flow of information between UFP’s research department and its sales and trading personnel in order to prevent these personnel from using non-public knowledge for their benefit
• Failed to establish and enforce policies and procedures reasonably designed to identify and mitigate conflicts of interest associated with the preparation of its research reports
• Failed to establish a supervisory system reasonably designed to ensure compliance with FINRA Rule 6730 and MSRB Rule G-14
• Failed to report eligible fixed income transactions to the Trade Reporting and Compliance Engine (TRACE) from April 2019 through April 2021
• Failed to report all of its customer municipal transactions to the Real-time Transaction Reporting System (RTRS) from July 2019 through June 2024
• Provided customers with inaccurate or incomplete confirmations for at least 130 options transactions from April 2019 through April 2020

The AWC alleged that Elizabeth Dickerson and United First Partners violated FINRA Rules 5280(b), 2241(b)(1) and (b)(2)(G), 3110, and 2010.

The AWC further alleged that United First Partners violated FINRA Rules 2232, 2360(b)(12), 6730; Rule 10b-10 of the Securities Exchange Act of 1934; and MSRB Rules G-14 and G-27.

FINRA Rule 5280

FINRA Rule 5280(b) requires firms to establish and enforce policies and procedures reasonably designed to restrict the flow of information between research department and trading department personnel to prevent the misuse of non-public information.

FINRA Rule 2241

FINRA Rule 2241(b)(1) requires firms to establish and enforce written policies and procedures designed to identify and mitigate conflicts of interest relating to research reports.

FINRA Rule 2241(b)(2)(G) requires firms to create safeguards to protect research analysts from oversight or pressure by sales and trading personnel.

FINRA Rule 3110

FINRA Rule 3110 requires that firms establish supervisory systems to ensure their compliance with securities regulations. This includes appointing supervisors and providing them with Written Supervisory Procedures (WSPs).

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Rule 2232

FINRA Rule 2232 requires firms to provide their clients with transaction confirmations.

FINRA Rule 2360

FINRA 2360(b)(12) requires firms to provide investors with written confirmations of transactions involving options contracts. These confirmations must include the type of contract, exercise price, commission, and trade and settlement dates.

FINRA Rule 6730

FINRA Rule 6730 describes the requirements for reporting transactions in the Trade Reporting and Compliance Engine (TRACE).

Securities Exchange Act of 1934

Rule 10b-10 of the Securities Exchange Act of 1934 requires brokerage firms to provide investors with transaction confirmations.

MSRB Rules

MSRB Rule G-14 requires broker-dealers to only publish reports of municipal securities transactions if they have reason to believe the transaction was effected, and prohibits the publication of transactions that the firm has reason to believe are fictitious or exacted for fraudulent purposes.

MSRB Rule G-27 requires firms to establish supervisory systems to ensure their compliance with securities regulations.

Sanctions

United First Partners consented to the following sanctions:

• Censure by FINRA
• $215,000 fine
• Undertaking to remediate the issues alleged in the AWC

Elizabeth Dickerson consented to the following sanctions:

• One-month suspension from acting in a principal capacity
• $5,000 fine

Her suspension began on April 21, 2025, and will end on May 20, 2025. You can read the full AWC here.

Background Information

Elizabeth Dickerson has passed the following exams:

• General Securities Principal Examination – Series 24
• Securities Trader Exam – Series 57TO
• Research Analyst Exam – Part II Regulations Module – Series 87
• Securities Industry Essentials Examination – SIE
• Limited Representative-Equity Trader Exam – Series 55
• General Securities Representative Examination – Series 7
• Uniform Securities Agent State Law Examination – Series 63

Elizabeth Dickerson is a registered broker in Connecticut.

She has worked with 19 firms in the past. These are the ten most recent:

• CIBC World Markets (CRD#:630)
• GCA Advisors (CRD#:127835)
• Abel/Noser (CRD#:284714)
• First New York Securities (CRD#:16362)
• MPS Global Securities (CRD#:148689)
• MPS Fixed Income (CRD#:154096)
• Broadpoint Capital (CRD#:298)
• BTIG (CRD#:122225)
• Numis Securities (CRD#:128471)
• Hill Thompson Magid & Company (CRD#:2202)

Kurta Law Can Help

If you worked with Elizabeth Dickerson 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 that 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.