Articles Tagged with UBS Financial

James Scullin of Miami, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly placing an unauthorized trade in a customer’s account in violation of FINRA Rule 2010. Mr. Scullin was a general securities representative for FINRA member firm UBS Financial Services (UBS) from June 2011 through November 2014.

FINRA Rule 2010 reads that “a member, in the conduct of his business, shall observe high standards of commercial honor and just and equitable principles of trade.” In mid-2011, Mr. Scullin became a registered representative at UBS for the account of a firm customer. FINRA investigators found that on or about September 12, 2014, Mr. Scullin placed a $5,000,000 trade without informing the two individuals with authority to place trades in the customer account or seeking their authorization. Mr. Scullin did not have discretionary authority for any of the customer’s accounts.

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The Securities and Exchange Commission (SEC) has fined 13 brokerage firms, including Charles Schwab, J.P. Morgan, Oppenheimer, TD Ameritrade, and UBS Financial, for violating a rule that is meant to protect investors from improper sales of high-risk Puerto Rican municipal bonds. The fines range from $54,000 to $130,000.

The SEC sanctions are the first under the Municipal Securities Rulemaking Board (MSRB) Rule G-15(f), which establishes the minimum denomination requirement for the sales of municipal bonds. The minimum denomination amounts are the least amount of a given municipal bond that a broker dealer is permitted to sell to an investor in one transaction. The more risky the bond, the higher the minimum. This is meant to ensure that the bond investments are suited to the appropriate investor. Continue Reading