Cary Urich Lawsuit: SEC Charges, United Planners Fine
The Securities and Exchange Commission (SEC) has reportedly filed a lawsuit against Cary Edward Urich (CRD#: 2132001), a Greenville, South Carolina financial advisor. The SEC alleges he held risky leveraged and inverse exchange-traded funds (ETFs) for years in the accounts of mostly elderly clients. His former firm, United Planners’ Financial Services of America, agreed to pay a $600,000 penalty to settle related charges.
The White Law Group is investigating potential claims on behalf of investors who may have lost money with Urich. Here is what is on his record and what your options may be, including FINRA arbitration.
Cary Urich Lawsuit: What the SEC Alleges
The SEC filed its complaint on October 29, 2026, in federal court in South Carolina. It alleges that from April 2020 to November 2023, Urich used his discretionary authority to put the savings and retirement money of 54 advisory clients into five funds:
- ProShares UltraShort S&P500
- ProShares UltraShort Dow30
- ProShares UltraShort Russell2000
- ProShares UltraShort QQQ
- ProShares Ultra VIX Short-Term Futures ETF
The clients’ average age was 71 in 2020. None chose speculation as an investment objective, and all but one described their risk tolerance as moderate or moderately aggressive.
The SEC says the funds’ prospectuses warned against holding them for more than a day. Urich allegedly read those warnings, then held the funds for an average of 798 days. At the end of 2020, the funds made up 72% of the value of the client accounts he managed. Clients allegedly lost about 70% of the money invested in the funds, on average.
The SEC gave these examples:
- A 93-year-old retiree had about $1,247,000 invested in the funds and allegedly lost about $746,000.
- An 81-year-old retiree had about $462,000 invested in the funds and allegedly lost about $310,000.
Clients initialed a statement saying leveraged ETFs might be used in their accounts. The SEC says they were not told the funds would be held far beyond the recommended period.
Proposed Settlement With Urich
Urich did not admit the allegations. He agreed to a final judgment that still needs court approval. It includes a $100,000 civil penalty and a two-year restriction on acting as or associating with an investment adviser.
BrokerCheck shows Urich is registered with Vanderbilt Securities, LLC as a broker and with Consolidated Portfolio Review Corp. as an investment adviser representative. The SEC’s allegations concern his time at United Planners.
SEC Order Against United Planners
In an October 30, 2026 order, the SEC censured United Planners and ordered it to stop further violations and pay the $600,000 penalty. The firm did not admit the findings. According to the order:
- Supervisors and compliance staff allegedly discussed concerns about the positions in March 2020, including that some clients held 100% of their assets in the funds. The firm considered limits but took no action.
- The firm allegedly did no meaningful suitability review between April 2020 and June 2022. Urich’s direct supervisor had no system to track concentrations or holding periods.
- After a client filed an arbitration claim in June 2022, a firm committee concluded in November 2022 that the funds were unsuitable for these clients.
- United Planners stopped Urich from buying more of the funds but did not require him to sell existing positions. Some clients held them until at least November 2023, resulting in additional losses.
The order creates a Fair Fund for the penalty, but it does not say how or when any money would be distributed. The penalty is not an award of damages to any individual investor.
Cary Urich Complaints on BrokerCheck
Urich’s record lists six disclosures. Both customer disputes involve inverse and leveraged ETFs at United Planners, and both settled with no personal contribution from Urich. A settlement is not a finding of wrongdoing.
- June 2024 customer complaint: Alleged unsuitability, breach of fiduciary duty, negligence, and deception. The customer sought $710,000 and settled for $325,000 in September 2024.
- July 2022 FINRA arbitration (Case No. 22-01463): Alleged unsuitability, misrepresentation, self-dealing, and breach of fiduciary duty, among other claims. The customer sought at least $1 million and settled for $450,000 in August 2023.
- October 2010 discharge (two disclosures): Raymond James Financial Services and its affiliated advisory firm discharged Urich. Raymond James reported it was no longer comfortable supervising him after an alleged misrepresentation about why he left his prior firm. Urich disputes this and says he answered questions honestly.
- September 2010 resignation: J.J.B. Hilliard, W.L. Lyons allowed Urich to resign after he allegedly accepted a client’s gift without following firm approval procedures. The record says he returned the gift to the client’s estate.
- June 2025 tax lien: The IRS filed a $65,211.46 lien. Urich says he is on an installment payment plan.
Contact The White Law Group
If you lost money with Cary Urich at United Planners, The White Law Group can review your account and explain your options, including FINRA arbitration. The White Law Group, national securities fraud attorneys with offices in Chicago and Seattle, offers a free consultation. Call (888) 637-5510 or contact us online.
Frequently Asked Questions
How do I file a claim to recover money I invested with Cary Edward Urich?
You would generally file a FINRA arbitration claim rather than a court lawsuit, because most brokerage account agreements typically include a pre-dispute arbitration clause that many investors don’t know about. Arbitration can still result in a monetary recovery. Deadlines apply, and FINRA generally does not allow claims more than six years after the events at issue, so have your account reviewed soon.
Why can leveraged and inverse ETFs be unsuitable for retirees?
These funds are built for short-term trading, not long-term savings. They reset daily, so longer-term returns can differ sharply from the index, and an inverse fund can lose money even when its index falls. An investment is unsuitable when it doesn’t fit your age, goals, and risk tolerance.
Can United Planners be held responsible for my losses?
Yes, a brokerage firm may be liable for failing to supervise its advisors. Firms must monitor client accounts and act on red flags. Whether United Planners is liable to you would depend on the facts of your account.
