According to a recent Letter of Acceptance, Waiver and Consent (AWC), Harold Pomeranz was accused of recommending a number of unsuitable short-term Unit Investment Trust (UIT) transactions in the account of an elderly customer. UITs are investment companies that offer shares of a fixed portfolio of securities in a one-time public offering and terminate on a specific date. They are not to be used as trading vehicles. They typically carry upfront charges. Allegedly, between January 2011 and December 2014, Pomeranz recommended and effected 21 UIT transactions in the account of a customer who was 83 years old. He held the UIT for fewer than 14 months, which was the recommended period. He used proceeds from the short-term sale of the UIT to purchase another UIT with similar investment objectives. These were not suitable for the client. A broker must take into account a customer’s age, net worth, investment objectives and other factors when recommending or selling investments. If he does not, his firm may be liable for losses. Pomeranz was fined $5,000 and suspended for three months.
Pomeranz was registered with Berkshire Equity Sales, Planned Security Consultants, Island Planning Corp of America, RSA Securities, Donshire Planning Corp, Equity Realty Securities Corp, Gruntal & Co., Ryan Beck & Co. and Stifel, Nicolaus in Garden City, New York from July 2007 until September 2016. He has two customer disputes against him and is currently not registered within the industry. Please call our securities law firm today to speak to an attorney about your losses. The call is free with no obligation.
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