PNC Investments LLC (CRD# 129052, Pittsburgh, Pennsylvania) recently submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $90,000. The firm has paid restitution to all affected customers.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it failed to apply an appropriate rollover or breakpoint discounts to eligible unit investment trust (UIT) purchases for customers. As a result, the firm overcharged customers a total of$52,040.12. The findings stated that the firm failed to adequately enforce its existing WSPs concerning rollover and breakpoint sales charge discounts so as to ensure discounts were properly applied to all eligible UIT purchases by customers.
This information which is publicly available on FINRA’s website has been provided by The White Law Group, LLC.
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