UBS Stockbroker Fraud Attorney - Law Offices of Robert Wayne Pearce

Feb 6, 2017

UBS and Ameriprise Broker Suspended for Unauthorized Trading and Unsuitable Recommendations

John Burns, a stockbroker formerly registered with UBS Financial Services, Inc. (UBS) and Ameriprise Financial Services, Inc. (Ameriprise), submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was assessed a deferred fine of $17,500 and suspended for 14 months. Without admitting or denying FINRA’s findings, John E. Burns, of St. Charles, Missouri, consented to the entry of findings that he engaged in a pattern of unauthorized trading in customer accounts and made unsuitable, risky investments in the account of an elderly couple. Between December 2013 and August 2015, while registered with UBS and Ameriprise, John Burns allegedly executed 100 unauthorized trades in nine customer accounts. Mr. Burns did not have written discretionary authority to place the trades in any of these customer accounts. FINRA found further that Mr. Burns made over 50 unsuitable and unauthorized investments in the account of a senior retired couple. According to FINRA, these transactions involved repeated high-risk investments in stocks which were unsuitable for the customers given their moderate risk tolerance and investment profile. As a result of Mr. Burns’ unsuitable investment strategy, the elderly couple sustained losses exceeding $50,000. Consequently, John Burns was suspended by FINRA for 14 months and assessed a deferred fine of $17,500. The suspension is in effect from December 5, 2016 through February 4, 2018.

Dec 29, 2016

FINRA Bars Former UBS Broker Amid Allegations of False Account Reports

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.