SEC fines United Planners and ex-adviser over leveraged ETF sales to elderly clients
The SEC fined United Planners $600,000 and ex-adviser Cary Urich $100,000 over leveraged ETFs held by elderly clients for extended periods, Barron's reports.
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what happened
Barron's reports, citing an SEC order, that the regulator fined United Planners $600,000 and its former investment adviser Cary Urich $100,000, and suspended Urich for two years. Both sides settled the case without admitting or denying wrongdoing.
According to the SEC, between April 2020 and November 2023 Urich placed 54 clients, nearly his whole book, into five funds that were either leveraged or inverse. Such products are designed to be held for a single day, and their prospectuses warn of a high likelihood of losses when they are held longer. The regulator says the average holding period was 798 days. The affected clients averaged 71 years old, many investments were made from retirement accounts, and clients lost about 70% of their money on average.
why it matters
For markets the story matters mainly as a regulatory signal: the SEC stresses that advisers must match products to a client's objectives and risk tolerance, and leveraged funds are built for short-term trading. The fine is small, but the case adds scrutiny to retail sales of complex ETFs.
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sources
- A Financial Advisor Allegedly Sold Elderly Clients Leveraged ETFs. The SEC Is Fining Him and His Former Firm $700,000. — Barrons.com, 3 November 2026 at 20:29 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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