Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker Ivan Shore (CRD # 1012943) was recently suspended from the securities industry by FINRA’s Department of Enforcement. The sanction occurred as a result of an investigation into unsuitable excessive trading (“churning”) of unit investment trusts (UIT’S) in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Shore.
Registration Background for Ivan Shore
Mr. Shore first became registered in the securities industry in 1981. He currently registered with New York, NY based Oppenheimer & Co. Inc. (CRD # 249). His prior registrations include Gruntal & Co., L.L.C. (CRD # 372) from July 1984 to May 1997, First Albany Corporation (CRD# 298) from February 1987 to July 1984 and Paine, Webber, Jackson & Curtis Inc. (CRD # 8174) from August 1983 to February 1984.
FINRA’s Allegations against Ivan Shore
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated November 6, 2020, Mr. Shore consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between July 1, 2011 and December 31, 2015, [Mr.] Shore engaged in an unsuitable pattern of short-term trading of Unit Investment Trusts in customer accounts”;
- “During the relevant period, [Mr.] Shore recommended his customers roll over UITs more than 100 days prior to maturity on approximately 900 occasions”;
- “[A]lthough his customers’ UITs typically had a 24-month maturity period, [Mr.] Shore recommended that they sell their UITs after holding them for, on average, only 231 days, and use the proceeds to purchase a new UIT”;
- “[O]n more than 240 occasions, [Mr.] Shore recommended that his customers roll over a UIT before its maturity date in order to purchase a subsequent series of the same UIT, which, as noted above, generally had the same or similar investment objectives and strategies as the prior series”;
- “[Mr.] Shore’s recommendations caused his customers to incur unnecessary sales charges, and were unsuitable in view of the frequency and cost of the transactions”; and
- By virtue of his actions, Mr. Shore violated NASD Rule 2310, regarding recommendations to customers, FINRA Rule 2111, regarding suitability and FINRA Rule 2010, regarding standards of commercial honor and principles of trade .
FINRA Sanctions Ivan Shore
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s November 6, 2020 AWC also indicates that Mr. Shore consented to the following sanction(s):
- A suspension from associating with any FINRA member firm in any capacity for a period of three months; and
- A fine in the amount of $5,000.00.
Ivan Shore has No History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Shore reveals he has no history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Ivan Shore and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.