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FINRA Bars Former UBS Broker Amid Allegations of False Account Reports

Jeffrey Hamilton Howell, a registered representative formerly employed by UBS Financial Services, Inc. (UBS) submitted a Letter of Acceptance, Waiver and Consent in which he was barred by the Financial Industry Regulatory Authority (FINRA) amid findings that he failed to provide documents and information FINRA had requested and failed to appear and provide on-the-record testimony in relation to allegations that he sent his customer false weekly reports that overvalued the account by as much as $3 million.

FINRA found that beginning in September 2008 and continuing through November 2014, Jeffrey Howell, of Wentzville, Missouri, created and sent his customer over 300 weekly reports that supposedly reflected the customer’s portfolio value.  In actuality, the report misstated the account value in amounts ranging from $289,000 to approximately $3 million.  In order to conceal his fraudulent misconduct, Mr. Howell allegedly altered three UBS account statements to match the information purported in his falsely created portfolio reports.  When asked by FINRA to appear for testimony regarding the allegations, Mr. Howell acknowledged that he received the request and would not appear to provide testimony.  By refusing to respond to FINRA’s request, Mr. Howell was in violation of FINRA Rules 8210 and 2010.  Without admitting or denying the findings, Mr. Howell was permanently barred by FINRA.

Stockbrokers have been known to engage in many types of practices that may be in violation of industry and firm rules, practices, and procedures.  In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms 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 brokerage firm’s own policies and procedures.  If broker-dealers and their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered losses stemming from misrepresentations, unsuitable recommendations and/or other stockbroker misconduct by their broker can bring forth claims to recover damages against broker-dealers, like UBS Financial Services, which should consistently oversee its brokers’ activities in order to prevent the above-described prohibited conduct.

Have you suffered losses in your UBS Financial Services account due to stockbroker 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 UBS Financial Services stockbrokers who may have engaged in fraudulent misconduct and caused investors’ losses.

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 visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.