Jeffrey Dragon and UIT Losses: How You Can Recover
Recently, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Jeffrey Dragon. Dragon was registered with Berthel, Fisher & Company and was accused of generating more than $421,000 in concessions for himself and the firm by recommending and effecting a pattern of unsuitable short-term trading of Unit Investment Trusts (UITs). Mr. Dragon was an agent of the firm acting within the scope of his duties when he engaged in this misconduct. The short-term trading patterns he effected required his clients to pay substantial sales charges, most of which came back to the firm and him in the form of dealer concessions. Many of the clients were elderly and unsophisticated, and Dragon recommended that they hold their UIT positions for only a few months, when, it is recommended that UIT positions be held for longer. Because Dragon actively traded them, the alleged recommendations were excessive and unsuitable. His firm, Berthel Fisher, may be sued in the FINRA arbitration forum for not properly supervising Mr. Dragon and allowing him to make these recommendations and sales. Please call our Chicago-based law firm today at 312–332–4200 for a no-cost, no-obligation consultation with one of our attorneys to find out how you may do so on a contingency fee basis.
Mr. Dragon was registered with John Hancock Mutual Life Insurance Company, John Hancock Distributors, GNA Securities, Citizens Investment Securities, Citigroup Global Markets, Merrill Lynch and Berthel, Fisher & Company in Burlington, Massachusetts from March 2007 until September 2016. He has one customer dispute against him and is currently not registered within the industry.