According to a recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Mark Tauzin was accused of engaging in a pattern of unsuitable short-term trading of front-loaded Unit Investment Trusts (UITs) in connection with the accounts of 14 households. This is against securities rules and regulations. The alleged transgressions took place between November 2012 and November 2014. Tauzin also allegedly maintained and signed forms in his files in violation of FINRA policies. UITs are investment companies that offer shares of fixed portfolios of securities in a one-time public offering, and terminate at a specific date. They are not designed to be trading vehicles and Tauzin recommended these products to investors. They had maturity dates of two years or longer. Instead of holding them, Tauzin allegedly effected 215 UIT transactions that were sold within a one-year period and the transactions resulted in sales charges to customers of over $316,840.50. At the same time, Tauzin allegedly made over $205,115.02 in commissions for himself. For this, Tauzin was suspended for eight months and fined $20,000.
Tauzin was registered with Sherwood Capital, Merrill Lynch, AG Edwards, Wachovia, Raymond James and LPL Financial in Lafayette, Louisiana from September 2009 until November 2014. He has one customer dispute pending against him. A broker must take into account a customer’s age, net worth, objectives and sophistication, among other factors, before recommending a security. If he does not, his brokerage firm or former brokerage firm may be held responsible for losses. Please call our securities law firm today to find out how you may be able to bring legal recourse against LPL Financial for losses sustained with Mark Tauzin. The call to us is free so please call today. 312-332-4200.