According to BrokerCheck records, Elaine LaCerte (LaCerte), also known as Elaine Diones and Elaine Diones Helzer, was suspended by the Financial Industry Regulatory Authority (FINRA) in August 2017.
LaCerte was suspended for allegedly engaging in an unsuitable pattern of short-term trading of Unite Investment Trusts (UITs) in over 100 customer accounts. Without admitting or denying the findings, LaCerte consented to the sanctions and the entry of findings. The findings stated that “in connection with these accounts, LaCerte repeatedly recommended that the customers purchase UITs and then sell these products well before their maturity dates. In addition, on more than 100 occasions, LaCerte recommended that her customers use the proceeds from the short-term sale of a UIT to purchase another UIT with identical investment objectives. LaCerte’s recommendations caused the customers to incur unnecessary sales charges, and were unsuitable in view of the frequency and cost of the transactions.” LaCerte has been banned from the industry for six months and was ordered to pay a $5,000 fine.
Moreover, LaCerte has been subject to four customer disputes.
In November 2016, a customer alleged LaCerte misrepresented material facts with respect to the purchase of a municipal bond. This dispute settled for $25,000.
In August 2016, a customer alleged LaCerta recommended unsuitable investments. This dispute settled for $24,464.76.
In July 2016, a customer alleged LaCerta misrepresented material facts with respect to investment risks. This dispute settled for $4,000.