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U.S. Bancorp Investments, Inc.

U.S. Bancorp Investments, Inc. (CRD #17868, St. Louis, Missouri) received a censure and fine of $75,000. According to the findings, the firm, acting through registered representatives, made numerous material misrepresentations of fact regarding callable certificates of deposit (CCDs), which induced many investors, who might not otherwise have done so, to invest in these products. The regulators also found that the firm misrepresented the value of the CCDs on monthly customer account statements in that they listed the current market value as the full amount of the principal investment when, in fact, the market value was subject to market forces and could be, and often was, significantly less than the initial investment amount. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C05030062)

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