UBS Financial Services Representative Suspended and Fined for Document Falsifications
Qui Lam of Houston, Texas submitted a Letter of Acceptance, Waiver and Consent to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for alleged document falsifications. Ms. Lam first became associated with member firm Pruco Securities in 2000 as an Investment Company Products/Variable Contracts Representative. In 2011, Ms. Lam became a registered representative for UBS Financial Services, Inc. (UBS) but was terminated in 2014 due to allegations of document falsification. Prior to being associated with UBS, Ms. Lam was a representative for Morgan Stanley and Citigroup. FINRA found, during her association with UBS, Ms. Lam altered documents of a client’s account without their knowledge and consent. While working as an administrator for a wealth management team at UBS in 2014, Ms. Lam altered the risk tolerances of four customer accounts. Ms. Lam allegedly increased the four clients risk tolerances and submitted them without the client’s prior knowledge or consent.
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