Securities Lawyers Blog
Did your United Planners account lose money in SDS, DXD, TWM, QID or UVXY while Cary Urich managed your investments? A recent Securities and Exchange Commission action raises questions about whether investors were placed in strategies inconsistent with their financial needs and tolerance for risk.
Gana Weinstein LLP offers a free consultation to investors seeking to understand whether their losses may support a claim against their financial adviser or brokerage firm. Call 800-810-4262 to discuss your account. An investment loss alone does not establish misconduct, but the way a strategy was selected, explained and managed deserves careful review.
What did the SEC find about United Planners?
On October 30, 2026, the SEC announced settled charges against United Planners’ Financial Services of America A Limited Partner concerning leveraged and inverse ETF investments in discretionary advisory accounts.
According to the SEC’s announcement, 54 clients were invested in these products between April 2020 and November 2023. The SEC reported that the affected clients lost approximately 70% of their investments in the ETFs. That percentage concerns the identified ETF investments, not necessarily each client’s entire portfolio.
The SEC found unsuitable investments, inadequate disclosure of how the products would be used and their risks, and compliance failures. United Planners consented to a censure, a cease-and-desist order and a $600,000 civil penalty without admitting the SEC’s findings.
The original SEC order, Administrative Proceeding No. 3-22780, contains the findings and settlement terms. These settled findings are not a judgment establishing liability in an individual investor’s case.
Which ETFs were involved?
The SEC order identifies these five ticker symbols:
ETF ticker Exposure described in the SEC order for the relevant period
SDS Twice the inverse daily performance of the S&P 500
DXD Twice the inverse daily performance of the Dow Jones Industrial Average
TWM Twice the inverse daily performance of the Russell 2000
QID Twice the inverse daily performance of the Nasdaq-100
UVXY One and one-half times the daily performance of the S&P 500 VIX Short-Term Futures Index
Look for these symbols in account statements and trade confirmations. Holding one of them does not automatically mean that you have a claim. The relevant questions include how much was invested, why the investment was made, how long it was held and whether it fit your circumstances.
Why can prolonged holdings in leveraged and inverse ETFs be risky?
Many leveraged and inverse ETFs pursue daily performance objectives. Their results over longer periods can differ substantially from a simple multiple of an index’s cumulative performance. Compounding and volatility can affect returns, and losses may occur even when an investor correctly anticipates the market’s general direction.
FINRA Regulatory Notice 09-31 addresses firms’ obligations concerning these products, including suitability, supervision, training and communications. Its discussion of daily reset products cautions against treating them as ordinary buy-and-hold investments.
For an investor, the practical question is whether the strategy matched the purpose of the account. A retiree seeking income and capital preservation has different needs from an experienced trader actively managing speculative positions.
What are the allegations against Cary Urich?
The SEC separately filed a civil action against Cary Edward Urich on October 29, 2026, in the District of South Carolina, Case No. 6:26-cv-05267-JDA.
According to the SEC’s litigation release, Urich allegedly held the leveraged and inverse ETF positions for an average of 798 days despite warnings about their short-term objectives. The SEC also alleged inadequate disclosure and excessive concentrations in accounts belonging largely to elderly clients.
The release states that Urich consented, without admitting the allegations, to a proposed judgment including a $100,000 penalty and a two-year restriction on acting as or associating with an investment adviser, subject to court approval. Allegations in the complaint should not be confused with findings after a contested trial.
Can investors pursue recovery of United Planners ETF losses?
An account review can help determine whether there is a basis to pursue recovery. Questions worth examining include:
– Were retirement savings concentrated in speculative ETF positions?
– Did the strategy conflict with the investor’s objectives, experience or need for income?
– What did the adviser explain about holding periods, leverage and potential losses?
– Who controlled trading decisions, and what monitoring occurred?
– What did the firm know about the strategy, and how did it supervise the accounts?
The legal claims, available forum and recoverable damages depend on the facts and applicable law. Counsel should review the account agreements before deciding whether FINRA arbitration, another arbitration forum or court is appropriate.
Does the SEC penalty reimburse my losses?
The $600,000 civil penalty is not an individual damages award to you. Do not assume that a regulatory settlement has compensated your account or resolved your private claims. Any payment, release, prior settlement or regulatory distribution should be reviewed when evaluating remaining losses.
What records should I gather?
Preserve account statements, trade confirmations, account-opening forms, advisory agreements and communications with your adviser. Include documents describing your investment objectives, risk tolerance and retirement needs, along with any complaints or settlement offers.
You do not need to calculate your own legal damages before requesting a consultation. An account review can distinguish investment performance from losses potentially attributable to the challenged strategy.
Speak with Gana Weinstein LLP about your investment losses
Gana Weinstein LLP represents investors in disputes with financial advisers and broker-dealers. If Cary Urich managed your United Planners account and you suffered losses involving SDS, DXD, TWM, QID or UVXY, call 800-810-4262 for a free consultation.
Tell us which firm held your account, when the investments occurred and whether you still have account statements. Time limits may apply, so obtain advice specific to your circumstances rather than waiting for a regulatory proceeding to resolve your losses.
Attorney advertising. This article provides general information, not legal advice. Contacting the firm does not itself create an attorney-client relationship. Results depend on the facts of each matter.