Tag Archives: UBS Financial Services problem

Investigation-William A. Hightower-Former UBS/Legacy Asset Broker-Houston, TX

OCTOBER 2017- Houston, TX

We are currently investigating former stockbroker William A. Hightower of Houston, TX, on behalf of a former UBS Financial Services client who alleges Hightower recommended that she invest in an unsuitable and illiquid investment, Reproductive Research Technologies.

Hightower was employed by UBS Financial Services from 2007-2013 and then by Legacy Asset Securities from 2013-2015.

In October 2015 Hightower was permanently barred from the securities industry by the Financial Industry Regulatory Authority (FINRA). Without admitting or denying the findings, Hightower agreed to the bar and to entry of findings that while employed by UBS Financial he failed to respond to requests for information  in connection with a FINRA investigation that he improperly referred customers to an unapproved private securities transaction. Specifically, Hightower failed to provide a list of any customers he referred to the private securities transaction.

FINRA records report that former UBS Financial Services stockbroker William A. Hightower is named in  currently pending FINRA arbitration case #15-03387 by a former customer who is seeking damages of $150,000 from UBS Financial Services.

The former UBS Financial Services customer alleges that in 2012 Hightower recommended the purchase of a high risk, illiquid and unsuitable private placement. Claimant further alleges omissions and misrepresentations regarding the recommended investment.

 

If you have losses in an account handled by William Hightower, call to learn how you may be able to recover damages from his former employer.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Anthony Mazzo-Former UBS Financial Broker-Discloses Customer Dispute

November 2016-Palm Beach, Florida

The FINRA records of  Anthony J. Mazzo,  a  stockbroker who is currently  employed by  BB&T Securities disclose 4 prior customer disputes that have been resolved, a currently pending customer dispute and a separation from employment after allegations.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In the currently pending matter, FINRA case#16-0458, a customer of Mazzo’s former employer, UBS Financial Services, alleges damages of $50,000 for an unsuitable investment recommendation and misrepresentation in connection with the purchase of shares in a unit investment trust.

Mazzo has been registered with BB&T Securities since 4/2016. Prior employment includes UBS Financial and Oppenheimer & Co.

 

If you have losses in an account in an account handled by Anthony Mazzo  contact us to discuss how you may be able to recover damages for those losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Rushton L. Ardrey-Former Newport Coast Securities Broker-Discloses Customer Disputes

July 2016-Boston, MA

The FINRA records of Rushton L. Ardrey, III  , a former stock broker employed by  Newport Coast Securities  disclose 3 prior final regulatory events, a prior customer dispute, 3 currently pending customer disputes and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In September 2015, without admitting or denying the findings, Ardrey entered into an agreement with FINRA to resolve allegations that he sent a wire of $33,000 from his personal bank account to that of a customer in order to reimburse the customer for losses sustained in her account without prior written authorization from his then member firm, Wells Fargo Advisors. Ardrey was suspended for 10 days.

Ardrey’s FINRA disclosure reports that in FINRA Case 12-4352, a customer while Ardrey was employed by UBS Financial Services and Wells Fargo Advisors alleged damages in excess of $1 million for unsuitable and excessive trading. That case was settled for $455,000.

In the three pending cases customers allege unsuitable, unauthorized and excessive trading. No damages are specified.

Ardrey was employed by Newport Coast Securities  from 10/2014-8/2015. Prior to that he was with White, Weld & Co. from 12/2013-10/2014, Coastal Equities from 12/2013-12/2013 and with Wells Fargo Advisors from 9/2009-11/2013.

Ardrey was discharged by Wells Fargo Advisors in 11/2013. Wells Fargo Advisors alleged that Ardrey “admitted to making a payment to a client to compensate for account losses’, in connection with the discharge.

Investors who suffered losses in an account handled by Rushton L. Ardrey, III, may be entitled to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Bassam A. Salem-Wunderlich Securities Broker-Discloses Pending Customer Dispute

Birmingham, Michigan

According to FINRA records,  Bassam A. Salem,  a stockbroker  who currently works for Wunderlich Securities ,  discloses  a pending customer dispute and a prior final customer dispute.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In a currently pending FINRA Case #16-01161, a customer  alleges damages of $281,000 for unsuitability, unauthorized trading, failure to supervise and breach of fiduciary duty from 2011-2015.

In a prior case FINRA Case #9-2531 a customer while Salem was employed by UBS Financial alleged damages of $300,000 for unsuitable investments and failure to diversify. That case was settled for $92,500.

Salem  has been employed by Wunderlich Securities  since 1/2011. Prior to that he was employed by UBS Financial.

If you have questions about an account handled  by Bassam A. Salem , call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ralph B. Marra-Former Morgan Stanley Broker-Discloses Two Pending Customer Disputes-Red Bank, NJ

Red Bank, New Jersey

UPDATE July 2016FINRA records disclose that Ralph B. Marra has an outstanding Internal Revenue Service levy at the court in Freehold New Jersey, in the amount of $397,803.

ORIGINAL POST -June 2016

According to FINRA records,  Ralph B. Marra    a stockbroker  who previously worked for Morgan Stanley and is currently employed by National Securities Corporation , discloses two pending and two prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In May 2016, a customer when Marra was employed by Morgan Stanley Smith Barney alleged damages of $200,000 for unsuitable investments in equities and closed end funds made in their account between 2013-April 2015.

In FINRA Case 15-01274, which is also currently pending, a customer while Marra was employed by UBS Financial Services alleges damages of $150,000 for breach of fiduciary duty, and negligence in connection with certain equity recommendations. CASE SETTLED FOR $37,500 JUNE 2016.

In FINRA Case 14-03461, a customer while Marra was employed by Morgan Stanley alleged damages of $356,017 for excessive trading in options and equity investments. That case was settled for $50,000 in February 2016.

 

If you have questions about an account handled  by Ralph B. Marra, call for a no charge consultation.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

James P. Scullin-Former UBS Broker-Discloses $7 Million Customer Complaint

Coral Gables, Florida

According to FINRA records, James P. Scullin  a broker who worked for UBS Financial Services from 6/2011-11/2014 discloses that he was discharged by UBS Financial in October 2014. He also discloses a pending customer dispute.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In connection with his discharge  from UBS Financial Services , the company made the following allegations:

“Mr. Scullin’s employment was terminated when the firm learned that he (1) actively traded in an undisclosed commodities account outside UBS; (2) exercised discretion without written authorization in violation of firm policy: and (3) entered an unauthorized trade “

In pending FINRA Case 14-3513, a UBS customer alleges damages of $7,000,000 for unauthorized trading and excessive commissions in 2014.

Scullin entered into a settlement agreement with FINRA in April 2016 to resolve the regulator’s allegations that he placed a trade of over $5,000,000 in September 2014 without authorization from the customer and when questioned about the trade by the customer Scullin initially concealed the trade. He was fined $15,000 and suspended from association with any FINRA member for nine months. FINRA Case 2014043554601. 

If you have losses in an account handled by James P. Scullin  you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

FINRA Fines Firms for Violations in 2015

January 8, 2015

The Investment News published a summary of the largest penalties handed out in 2015 by the Financial Industry Regulatory Authority (FINRA), which included:

  • Puerto Rican Bonds-A fine of $7.5 million and restitution order of $11 million to UBS Financial Services in connection with the sale of Puerto Rican closed-end funds. Santander Securities was ordered to pay over $4 million in restitution and a fine of $2 million for their sale of similar funds.
  • Mutual Fund OverchargesWells Fargo Advisors was ordered to pay $15 million in restitution for overcharges on the sale of mutual funds. Edward Jones paid $13.5 million in a similar action.
  • LPL Financial Supervisory Failures– FINRA fined LPL a couple of times, once in May , a $10 million fine for supervisory failures related to nontraditional exchange traded funds, and $1.7 in million in restitution to customers.
  • Rogue Oppenheimer Broker Mark Hotton– FINRA fined Oppenheimer $2.5 million and ordered restitution of over $1 million for failure to properly supervise broker Mark Hotton who was barred from the industry in 2013.
  • Brookville Capital– was fined $500K and ordered to pay a $1 million fine for sales violations related to private placements.

If you have losses in your brokerage account that you feel are the result of the improper handling of your account, call to learn about your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870