Gregory Corrie Allegedly Made Excessive UIT Trades

Gregory Corrie (CRD# 1982814[1]), formerly a broker registered with Cambridge Investment Research, excessively used unit investment trust products, according to allegations by that firm. MDF Law is investigating the former Boise, Idaho-based financial professional for similar conduct. If you are a former client with concerns about your accounts, call us for a free consultation.

More information about the allegations against Mr. Corrie follow below. The information in this post is based on an October 27, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority record.

FINRA: Broker Refused to Cooperate with Investigation

On August 20, 2024, FINRA disclosed a disciplinary action against Mr. Corrie. As a Letter of Acceptance, Waiver, and Consent (No. 2023078217101[2]) outlines, the regulator initiated an investigation into his conduct following a disclosure by his former member firm. According to that disclosure, the firm fired him over allegations that he excessively used UIT products. In May 2024, FINRA sent him requests to provide documents and information related to its investigation, as it is empowered to do by FINRA Rule 8210.

However, the AWC Letter alleges, Mr. Corrie acknowledged to FINRA via counsel that he would not comply with the request. FINRA therefore found that he violated Rules 8210 and 2010, which requires brokers to uphold high standards of commercial honor. As such, it barred him from associating with any member firm in all capacities.

Why Did Cambridge Investment Research Fire Advisor?

On February 16, 2023, Cambridge Investment Research fired Mr. Corrie. According to a disclosure on his BrokerCheck profile, the firm terminated his registration over allegations that he excessively used UIT products. It provides no additional information about the allegations.

Unit Investment Trusts: A Background

A unit investment trust, commonly referred to as a UIT, is an investment entity that issues securities representing undivided interests in a fixed portfolio of securities. UITs are typically gathered by a sponsor into a portfolio, placed into a trust, and sold in a public offering. They are redeemable securities issued for a specified term, with investors entitled to receive a proportionate share of the UIT’s net assets on redemption or at termination. A unit investment trust is typically offered in a one-time public offering of a set number of units. Despite that, UIT sponsors often establish secondary markets, allowing owners of individual UIT units to sell those units back to their sponsors, thus extending the opportunity for new investors to buy UITs. 

The expenses associated with unit investment trusts involve sales charges; creation and development fees; and operating expenses, typically charged against the UIT’s portfolio of assets. Sponsors generally offer several possible discounts, including breakpoints, which let investors reduce fees by increasing the size of their investments, as well as discounts on rollovers and exchanges. Brokers and investment advisers who misrepresent the fees, risks, and other features associated with unit investment trusts may be found liable for damages.

FINRA: Gregory Corrie Based in Boise, Idaho

Mr. Corrie launched his career as a broker in 1992, when he joined Lincoln Financial Advisors in Fort Wayne, Indiana. He went on to work at firms including InterSecurities, Invest Financial Corporation, and Cetera Advisors. He joined Cambridge Investment Research, in 2020, and was based at its Boise, Idaho branch until his firing. With 30 years of experience as a broker, he has completed three industry exams. 

Call MDF Law About Your Concerns

Do you have concerns about UITs or other products recommended by Gregory Corrie? If you suffered losses in your accounts, you may be able to pursue a recovery. MDF Law[3]’s investor advocates have proven experience navigating the complexities of FINRA arbitration proceedings. Over the years, we have recovered significant awards for our clients. Call 800-767-8040 for a free consultation today.