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James P. Scullin-Former UBS Broker-Customer Paid $2M to Resolve Unauthorized Trading Claim-Coral Gables, FL

James P. Scullin-Former UBS Broker-Customer Paid $2M to Resolve Unauthorized Trading Claim-Coral Gables, FL

James P. Scullin-Former UBS Broker-Customer Paid $2M to Resolve Unauthorized Trading Claim-Coral Gables, FL 150 150 Rex Securities Law

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 results a FINRA arbitration awarding a former client $2 million in damages.

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 FINRA Case 14-3513, a UBS customer alleged damages of $7,000,000 for unauthorized trading and excessive commissions. The case was settled for $2 million.

In connection with his discharge  from UBS Financial Services , UBS 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 “

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.

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Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

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