Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on September 29, 2016 indicate that New Jersey-based Independent Financial Group broker/adviser Walter Pardo has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Pardo (CRD# 2154112).
Walter Pardo has spent 25 years in the securities industry and has been registered with Independent Financial Group in Basking Ridge, New Jersey since 2013. Previous registrations include First Allied Securities in Basking Ridge, New Jersey; R. Seelaus & Company in Summit, New Jersey; and McLaughlin Piven Vogel Securities in New York, New York. He is a registered broker and investment adviser with thirteen US states and territories: California, Connecticut, Florida, Georgia, Illinois, Kansas, Minnesota, Missouri, New Jersey, New York, Ohio, Pennsylvania, and South Carolina.
According to his BrokerCheck report, Walter Pardo has received one customer complaint and was discharged from First Allied Securities.
In 2013 Walter Pardo was terminated from his position at First Allied Securities following allegations he executed client transactions “without client authorization at the time of the transaction.”
In 2007 a customer alleged Walter Pardo, while employed at McLaughlin Piven Vogel Securities, made unsuitable recommendations involving unit investment trusts, mutual funds, and other products. The complaint settled for $103,500.
A unit investment trust, commonly referred to as a UIT, is an investment entity that issues securities representing undivided interests in a fixed portfolio of securities. UITs are typically gathered by a sponsor into a portfolio, placed into a trust, and sold in a public offering. They are redeemable securities issued for a specified term, and investors are entitled to receive a proportionate share of the UIT’s net assets on redemption or at termination. A unit investment trust is typically offered in a one-time public offering of a set number of units. Despite that, UIT sponsors often establish secondary markets, allowing owners of individual UIT units to sell those units back to their sponsors, thus extending the opportunity for new investors to buy UITs. The expenses associated with unit investment trusts involve sales charges; creation and development fees; and operating expenses, typically charged against the UIT’s portfolio of assets. Sponsors generally offer several possible discounts, including breakpoints, which let investors reduce fees by increasing the size of their investments, as well as discounts on rollovers and exchanges. Brokers and investment advisers who engage in misconduct related to unit investment trusts may be subject to disciplinary action by FINRA or the Securities and Exchange Commission
If you or someone you know has complaints involving Walter Pardo, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: Fitapelli Kurta only receives payment if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.