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Dec 29, 2016

Phil Fiore Jr. Fired By UBS For Multiple Violations

By |December 29th, 2016|Broker Check, Failure To Disclose, FINRA, Press Releases & News, UBS|

UBS Financial Services Inc. fired Phil Fiore Jr., one of its top brokers based in Stamford, Connecticut, for failing to keep the firm informed of outside business activities, even while he was under heightened supervision. Fiore was terminated at the close of November for violating firm policies, including not disclosing an unpaid directorship at a not-for profit [...]

Oct 14, 2016

Jeffrey Howell Barred From Securities Industry

By |October 14th, 2016|Broker Check, FINRA, FINRA News, Fraud, Misrepresentation and Fraud, Press Releases & News, Securities Law Violations, UBS|

Jeffrey Howell, formerly a broker with UBS Group AG's wealth management unit was barred from the securities industry for giving a client faux weekly account statements over a period of six years, according to FINRA. Howell sent these reports from September 2008 to November 2014, overvaluing the account by as much as $3 [...]

Mar 25, 2016

FINRA Panel Orders UBS To Pay For Bond Losses

By |March 25th, 2016|Bonds, Failure To Supervise, FINRA, FINRA News, Fraud, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Press Releases & News, UBS|

A FINRA arbitration panel ordered UBS Group AG's wealth management business for the Americas to pay over $470,000 to three investors who claimed damages because their accounts were over-concentrated in Puerto Rico bonds that plummeted. The investors--Obdulio Melendez Ramos, Ramon Velez Garcia and Carlos L. Merced--filed the arbitration in 2014 and sought up to $570,243 [...]

Feb 5, 2016

Frankowski Firm Investigating UBS Broker

By |February 5th, 2016|Broker Check, Failure To Supervise, Fiduciary Duties, FINRA, Press Releases & News, SEC, Securities Law Violations, Suitability, UBS, Unauthorized Trading|

The Frankowski Firm is currently investigating the possible wrongdoing of current UBS Financial Services broker Bradley Ross of Fort Lauderdale, Florida. According to FINRA's BrokerCheck, Ross has been the subject of a number of customer complaints. In 2015, a customer alleged Ross, while employed at UBS, recommended investments not consistent with their risk tolerance. The [...]

Jan 11, 2016

Biggest FINRA Penalties In 2015

By |January 11th, 2016|Failure To Supervise, FINRA, FINRA News, Press Releases & News, Securities Law Violations, Suitability, UBS|

The biggest penalties FINRA levied last came from a wide variety of violations: Puerto Rico The Puerto Rico bond crisis was the source of a couple substantial FINRA actions. The regulator fined UBS Financial Services Inc. of Puerto Rico $7.5 million and ordered restitution of $11 million to 165 customers who had bought Puerto Rican [...]

Oct 1, 2015

FINRA Fines UBS Puerto Rico $18.5M

By |October 1st, 2015|Failure To Supervise, FINRA, FINRA News, Press Releases & News, Securities Law Violations, UBS|

FINRA censured and fined UBS Financial Services Incorporated of Puerto Rico $7.5 million for supervisory failures pertaining to the suitability of transactions in Puerto Rican closed-end funds ("CEF") shares. Further, the regulatory agency ordered UBS to pay about $11 million in restitution to 165 customers who were forced to realize losses on their CEF positions. FINRA [...]

Sep 2, 2015

UBS Settles Hedge Fund Suit

By |September 2nd, 2015|Asset Backed Securities, Hedge, Bond & Mutual Funds, Press Releases & News, Securities Law Violations, UBS|

UBS AG avoided going to trial today by mere hours by agreeing to settle a lawsuit in which it was alleged to have peddled "crap" and "vomit" securities during the financial crisis of 2007. Connecticut hedge fund Pursuit Partners claimed that UBS sold it asset-backed securities and failed to disclose that they were about to [...]

May 14, 2015

UBS Loses Arbitration, Forced To Pay $200k

By |May 14th, 2015|Failure To Supervise, Fiduciary Duties, FINRA News, Hedge, Bond & Mutual Funds, Misrepresentation and Fraud, Press Releases & News, Securities Arbitration, Securities Law Violations, Suitability, UBS|

UBS lost an arbitration case this week pertaining to the offer and sale of a number of Puerto Rico Fixed Income and Bond funds. The Claimant in the arbitration asserted causes of action for violation of the Puerto Rico Uniform Securities Act, securities fraud, constructive fraud, breach of contract, negligence, negligent supervision, failure to supervise, [...]

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