Articles Tagged with UBS Financial Services

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. Continue Reading

In an arbitration proceeding against UBS Financial Services, Inc. (UBS) and UBS Financial Services, Inc. of Puerto Rico (UBS-PR), the Law Offices of Robert Wayne Pearce, P. A. won a $1.45 million plus interest award for one of the firm’s clients this week.

The case arose from a series of unsuitable investment recommendations made by a UBS and a UBS-PR financial advisor that our client purchase and hold an excessive concentration of UBS-PR closed-end bond funds in a leveraged UBS-PR account. Because of the financial advisors’ unsuitable recommendations, our client’s investment was not diversified from an asset allocation standpoint and also from a concentration standpoint, as the portfolio was overconcentrated in a single geographic area, namely, Puerto Rico. Continue Reading

Christian Harkness of La Crosse, Wisconsin submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly violating his broker-dealer conduct rules. Mr. Harkness entered the securities industry in 1998 as a General Securities Representative (GSR). Mr. Harkness became associated with UBS Financial Services Inc. (UBS) in 2007 and later in 2009 to Stifel, Nicolaus & Co. (Stifel) as a GSR.

FINRA found that Mr. Harkness violated NASD Rule 2370 and FINRA Rules 3240 and 2010 by borrowing money from a firm client on two occasions as well as failing to disclose outside business activities. FINRA alleged that Mr. Harkness did not receive written permission from his broker-dealer to participate in either of the activities and thereby violated FINRA conduct rules.

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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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Zahir Walji of Austin, Texas submitted an Acceptance, Waiver and Consent (AWC) in which he was assessed a fine by the Department of Enforcement for the Financial Regulatory Authority (FINRA) and suspended from association with any FINRA member for a period of three months for allegedly failing to provide proper written notice about his outside business activities and failing to disclose two outside business activities.

Walji has been associated with two FINRA member firms since entering the industry in 2006. From January 2006 through October 2012, Walji was associated with UBS Financial Services, Inc. (UBS). On October 12, 2012, UBS filed a Form U5 terminating Walji for “engaging in unapproved outside business activities and private securities transactions with firm clients”. Walji was a representative for Oppenheimer & Co. Inc. from October, 2012 until his termination in May, 2014. Continue Reading