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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.

Ms. Lam was suspended from association with any FINRA member in any capacity for 45 days for keeping improper books and records as well as not observing a high standard of commercial honor. Additionally, Ms. Lam was ordered to pay a deferred fine of $5,000.

Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures.  In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers such as UBS Financial Services to establish and implement a reasonable supervisory system.  The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firm, such as UBS Financial Services own policies and procedures.  If broker dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages which flow from the misconduct.  As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers like UBS Financial Services, which should consistently oversee its employees in order to prevent stockbroker misconduct.

Have you suffered losses in your UBS Financial Services investment account due to your stockbroker’s misconduct?  If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation.  Mr. Pearce is accepting clients with valid claims against stockbrokers for unsuitable recommendations, misrepresentations, and/or other unauthorized and prohibited conduct.

The most important of investors’ rights is the right to be informed!  This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida.  For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues.  The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally!  Please post a comment, call (800) 732-2889, send Mr. Pearce an email at pearce@rwpearce.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.