Eric Price Subject of Unit Investment Trust Dispute

Eric Price (CRD #: 1197556), a broker registered with Benjamin F. Edwards & Company, is facing investor allegations. This disclosure appears in his BrokerCheck record, accessed on August 1, 2023. 

On May 1, 2023, a client’s daughter who has trading authorization alleged that Eric Price recommended an unsuitable investment strategy. This allegedly unsuitable strategy included Unit Investment Trusts (UITs), long-term bonds, excessive trading, and unauthorized trading. 

UITs

A unit investment trust (UIT) consists of a fixed portfolio of stocks and bonds, similar to a mutual fund. The lack of liquidity and high fees associated with cashing out early make UITs unsuitable for many investors. UITs may also take years to mature.

FINRA Rule 2111 – Excessive Trading

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Securities can be quantitatively unsuitable, which means that brokers executed an excessive number of trades.

FINRA Rule 3260

FINRA Rule 3260 limits brokers trading discretion to pre-approved discretionary accounts. These accounts must be approved for discretionary trading by both the client and the firm.

Background Information 

Eric Price has passed the following exams: 

• Series 63 Uniform Securities Agent State Law Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 
• Series 9 General Securities Sales Supervisor – Options Module Examination 

He is a registered broker in 38 states and is a registered investment adviser in Florida and Texas. 

Eric Price has registered with the following firms: 

• Morgan Stanley (CRD #: 149777) 
• Morgan Stanley & Co. (CRD #: 8209) 
• Wachovia Securities (CRD #: 19616) 
• A.G. Edwards & Sons (CRD #: 4) 

Kurta Law Can Help

If you worked with Eric Price 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.