Published On: January 20, 2017

According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Richard Gholson was accused of not properly supervising the sale of unit investment trusts (UITs) by a registered representative at CUSO Financial Services. At the time, Gholson was a principal at the firm and was responsible for reviewing and approving securities transactions for certain registered representatives. Gholson allegedly reviewed and approved the broker’s recommendation and sale of 70 UITs that invested in closed-end bond funds to 45 CUSO customers, some of whom were elderly. For this, Gholson was fined $5,000 and suspended for 30 days. UITs can be risky and illiquid investments that are not suitable for all investors, especially the elderly. A broker and his firm have a duty to only recommend and sell investments that are suitable for investors. If they do not, the brokerage firm can be held liable for investment losses.

Gholson was registered with Foster & Marshall, Sutro & Co., E.F. Hutton & Company, ISFA Corp, Wedbush, PAMCO, First Certified Corp., GAF Financial and Insurance Services, San Diego Securities Inc., Private Ledger Financial Services, Robert Thomas Securities, Marketing One Securities, Primevest Financial Services, Granite Investment Services, Sentra Securities, FSC Securities, Financial Network Investment Corp, Merrill Lynch, XCU Capital, Edward Jones, Crowell, Weedon & Co., Sorrento Pacific Financial and CUSO Financial Services in Pahoa, Hawaii from May 2007 until November 2016. He is not currently registered with any member firm.

Please call our Chicago-based securities law offices if you suffered losses with Richard Gholson. His former firm, CUSO Financial Services, can be held liable for investment losses in the FINRA arbitration forum. We take cases on a contingency fee basis only, so we only make money if you recover yours. The call is free with no obligation, so please call today. 312-332-4200

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