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.
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