Tag Archives: UBS Financial complaints

Alex G. Herrera-Former UBS Broker-Accused of Stealing Client Money to Buy Vacation Home-Coral Gables, FL

August 2018 – Coral Gables, FL

According to FINRA records,  Alex Herrera  a former stockbroker who  last worked for USB Financial Services,  discloses 2 prior regulatory events and a current 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 August of 2018, without admitting or denying the findings, Herrera  consented to sanctions and entry of findings that while employed by USB Financial Services,  he refused to provide information requested by FINRA in connection with its investigation of his possible participation in unreported outside business activities and private securities transactions.    Herrera was permanently barred from the securities industry.

In May of 2018, a UBS customer alleged that Herrera had stolen her money to buy a vacation home.  That matter is currently pending and the damage amount is not stated.

If you have losses in an account handled  Alex G. Herrera, call for a no charge consultation to learn about your legal options for recovery.

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

German Mora-Former Merrill Lynch Broker-Discloses Terminations From Employment-San Antonio, TX

April 2017- San Antonio, Texas

The FINRA records of  German Ricardo Mora ,  a  former Merrill Lynch stockbroker who is currently not registered discloses two recent terminations 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 November 2016, German Mora was discharged by Merrill Lynch who made the following comment in connection with the termination of Mora: “Conduct including exercising time and price discretion in client accounts and mismarking trades as unsolicited” .

In January 2017 Mora was discharged by his new employer Wells Fargo Clearing Services who made this comment in connection therewith: “Provided inaccurate information regarding discharge at prior employer. “

German Mora  was employed by Merrill Lynch from 1/2015-12/2016. His industry employment prior to that includes BBVA Securities, CP Capital Securities and UBS Financial.

If you have losses in an account in an account handled by German Mora  , 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

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

Robert M. Kuhn-Former UBS Broker-DIscloses Customer Dispute and Regulatory Matter-Plano, TX

Plano, Texas

According to FINRA records, Robert M. Kuhn  a stock broker who worked for UBS Financial Services from  9/2011-11/2015 discloses a regulatory matter that has been finalized , a pending customer dispute  and 3 outstanding judgement/liens.

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, the Texas State Securities Board (TSSB) suspended Kuhn in his capacity as an investment adviser representative for 30 days and fined him $5,000. The TSSB alleged that Kuhn had personally guaranteed multiple lines of credit on behalf of a private company he invested in, but did not disclose this loan guarantee to UBS.  That company failed and liens were filed against Kuhn who failed to timely disclose the liens on FINRA reporting forms in violation of the Texas Securities Act.

A dispute received in March 2016 alleges damages of $100,000 by a customer who alleges that he was lead to believe by Kuhn that the principal of an annuity was protected against market loss and could never go down. The customer also alleges that the annuity is unsuitable.

If you have questions about an account handled by Robert M. Kuhn, 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