Cambridge Advisor Gregory Corrie Barred from Securities Industry
According to public records on August 20th, 2024, the Financial Industry Regulatory Authority (FINRA) reportedly barred Gregory Corrie (CRD#: 1982814) from working as a broker.
Corrie reportedly declined to produce information and documents requested by FINRA in connection with its investigation into the circumstances giving rise to the Form U5 filed by his member firm, Cambridge Investment Research. The findings allegedly stated that Cambridge had terminated Corrie for excessive use of UIT products. After an internal review by the firm was concluded, the firm reportedly made remediation payments related to the trading activity.
UIT Products
Unit Investment Trusts (UITs) are exchange-traded mutual funds offering a fixed (unmanaged) portfolio of securities having a definite life. Investors should be aware that there are risks to investing in UITs. Unit Investment Trusts typically issue redeemable securities, like a mutual fund, which means that the UIT will buy back an investor’s units at the investor’s request, at their approximate net asset value (NAV) . Typically, a UIT will make a one-time “public offering” of only a specific, fixed number of units (like closed-end funds).
Some brokers may push “short-term strategy” trusts that dissolve after one to two years, possibly because of the high transaction fees, which are charged with the purchase and again with the dissolution. UITs can be very attractive to brokers due to the high upfront commissions, usually around 4%.
FINRA BrokerCheck – Gregory Corrie
The FINRA BrokerCheck tool is a free online tool that allows investors to research and verify the background and credentials of financial brokers, brokerage firms, and investment advisors registered with FINRA. According to his broker report, Corrie was reportedly registered with the following firms during his career, among others.
Regulation Best Interest
FINRA registered Broker-dealers are required to conduct thorough due diligence before recommending investments, under the “Regulation Best Interest” standard. If a financial advisor fails to meet this obligation before making a recommendation, they may be held liable for any resulting investment losses.
If you have suffered investment losses due to an unsuitable investment recommendation, the securities attorneys at The White Law Group may be able to help you. You may be able to recover your losses by filing a FINRA arbitration claim against your brokerage firm that sold you the investment.
Free Consultation with National Securities Attorneys
If you have suffered investment losses with Gregory Corrie and Cambridge Investment Research, the securities attorneys at the White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510.
About The White Law Group
The White Law Group, LLC is a national law firm in securities fraud, securities arbitration, investor protection, and securities regulation and compliance. With offices in Chicago, Illinois and Seattle, Washington, the firm is dedicated to assisting investors across all 50 states with claims against their brokerage firms. Since its founding in 2010, The White Law Group has handled over 800 FINRA arbitration cases.
With more than 35 years of experience in securities law, The White Law Group has the knowledge and expertise to help investors recover losses resulting from securities fraud.
Last modified: December 9, 2024
