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Recent Posts in UBS Category

FINRA Sanctions Steven Cooper for Unsuitable Share Class Conversions

Broker Steven Paul Cooper, formerly of UBS Financial Services' Century City, CA branch, consented to FINRA's findings that he recommended and made a series of unsuitable mutual fund trades in ...
Continue reading "FINRA Sanctions Steven Cooper for Unsuitable Share Class Conversions" »

Investors Seeking to Recover Losses from Unsuitable UBS' Yield Enhancement Strategy (YES)

In the wake of severe industry losses at the hands of volatility virus XIV, Credit Suisse's VelocityShares Daily Inverse VIX Short-Term Exchange-Traded Note, UBS' Yield Enhancement Strategy ...
Continue reading "Investors Seeking to Recover Losses from Unsuitable UBS' Yield Enhancement Strategy (YES)" »

Paul Wishingrad Sanctioned for Unauthorized Use of Discretion in UBS Client Accounts

FINRA fined and suspended Paul Steven Wishingrad for using discretion in customer accounts held at UBS Financial Services in Beverly Hills, CA without authorization, and after reportedly being warned ...
Continue reading "Paul Wishingrad Sanctioned for Unauthorized Use of Discretion in UBS Client Accounts" »

Intrepid Investment Bankers President W Michael Rosenberg Sanctioned for Undisclosed Accounts Away from Firm

FINRA fined and suspended Intrepid Investment Bankers LLC (Los Angeles, CA) Senior Managing Director and President W Michael Rosenberg for failing to timely disclose new investment accounts he opened ...
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Banks and Brokers Recommending Risky Reverse Convertibles to Combat Volatility Despite Prior Discipline

Though one might think banks and brokerages would choose simplicity in the wake of February's volatility-induced panic when uninformed brokers took on too much risk, it turns out the market for ...
Continue reading "Banks and Brokers Recommending Risky Reverse Convertibles to Combat Volatility Despite Prior Discipline" »

Goldman Sachs Structured Products, Reverse Convertibles, Suitability, and the Fiduciary Rule

Structured products, including reverse convertibles—fee-based, fixed income products—can pose supervisory challenges for firms. When it comes to matters of suitability, as evidenced by a ...
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NASAA Identifies Notes, Real Estate, Ponzi, Oil and Gas, Affinity Fraud, and Variable Annuities as Biggest Investor Threats

The North American Securities Administrations Association (NASAA) announced the top threats to investors, identifying the most frequent sources of current investor complaints or industry ...
Continue reading "NASAA Identifies Notes, Real Estate, Ponzi, Oil and Gas, Affinity Fraud, and Variable Annuities as Biggest Investor Threats" »

SLCG Study Finds Aegis Capital, Newbridge Securities Employ Most Brokers with History of Complaints

A Securities Litigation & Consulting Group (SLCG) study ranked brokerage firms based on broker complaint history, finding that nearly one quarter of all brokers employed by Aegis Capital Corp and ...
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Citizens Securities Fined $300,000 for Failing to Disclose Customer Complaints

FINRA fined Citizens Securities, Inc. $300,000 for disclosure failures related to customer complaints and other reportable events concerning its registered representatives, and for failing to ...
Continue reading "Citizens Securities Fined $300,000 for Failing to Disclose Customer Complaints" »

UBS to Pay $15 Million over Unsuitable Reverse Convertible Note Sales to Conservative and Retired Investors

UBS Financial Services and the SEC reached agreement for the firm to pay $15 million to settle charges that it failed to supervise, educate, and train staff regarding complex products known as reverse ...
Continue reading "UBS to Pay $15 Million over Unsuitable Reverse Convertible Note Sales to Conservative and Retired Investors" »

UBS Preparing Sales of High-Yield CoCo Bonds, A Risky Debt That Can Bail Out Banks At Expense of Investors

Primarily a foreign endeavor, so-called CoCo bonds may be immigrating to the United States with news that UBS Group AG is considering selling CoCos domestically. With much higher coupons—up to ...
Continue reading "UBS Preparing Sales of High-Yield CoCo Bonds, A Risky Debt That Can Bail Out Banks At Expense of Investors" »

7% of Financial Advisers Industry-Wide Cited for Misconduct, Including 20% of Oppenheimer's Advisers

A recent industry-wide study of financial advisers found that seven percent of all advisers have been disciplined for misconduct, such as trading in customer accounts without permission or making ...
Continue reading "7% of Financial Advisers Industry-Wide Cited for Misconduct, Including 20% of Oppenheimer's Advisers" »

UBS Managed High Yield Plus Fund Board Approves Liquidation Plan

The Managed High Yield Plus Fund Inc. Board of Directors approved a proposal to liquidate the fund in 2016, based on the recommendation of UBS Global Asset Management (Americas) Inc., which is the ...
Continue reading "UBS Managed High Yield Plus Fund Board Approves Liquidation Plan" »

Darlene Kay Bandy Barred for Failure to Cooperate with Investigation into Conversion of Funds

FINRA barred former UBS Financial Services broker Darlene Kay Bandy of UBS' Los Angeles, CA branch for failing to cooperate with an investigation into allegations that she improperly converted ...
Continue reading "Darlene Kay Bandy Barred for Failure to Cooperate with Investigation into Conversion of Funds" »

FINRA Bars John Anthony Waszolek for Improperly Appointing Himself Successor Trustee for Diminished Capacity Elder, Attempting to Inherit $1.8 Million

FINRA barred former UBS Financial Services and Morgan Stanley broker John Anthony Waszolek of Scottsdale, Arizona for appointing himself successor trustee and attempting to collect a multi-million ...
Continue reading "FINRA Bars John Anthony Waszolek for Improperly Appointing Himself Successor Trustee for Diminished Capacity Elder, Attempting to Inherit $1.8 Million" »

JP Morgan Chase, Citigroup, Barclays, RBS, UBS Admit to Criminal Conduct, Fined $6 Billion; JPMorgan Issues Disclosure Notice

JPMorgan Chase & Co., Citigroup Inc., Barclays Plc and Royal Bank of Scotland Plc (RBS), admitted to guilt in a criminal antitrust charge related to the spot foreign exchange (FX or FOREX) ...
Continue reading "JP Morgan Chase, Citigroup, Barclays, RBS, UBS Admit to Criminal Conduct, Fined $6 Billion; JPMorgan Issues Disclosure Notice" »

FINRA Censures and Fines UBS $500,000 for Failing to Disclose Broker Issues to Regulators

FINRA fined UBS Wealth Management's UBS Financial Services, Inc. $500,000, censuring the firm for failing to report liens or civil judgments for up to 100 brokers from 2010 through 2013. FINRA AWC ...
Continue reading "FINRA Censures and Fines UBS $500,000 for Failing to Disclose Broker Issues to Regulators" »

Ex-UBS Broker Donna Jessee Tucker Barred, Convicted of Fraud for Stealing from Elderly in Ponzi-like Scheme

Former UBS Financial Services Inc. investment adviser Donna Jessee Tucker pled guilty to wire fraud and tax evasion in federal court, admitting that she stole up to $1 million from elderly clients. ...
Continue reading "Ex-UBS Broker Donna Jessee Tucker Barred, Convicted of Fraud for Stealing from Elderly in Ponzi-like Scheme" »

UBS Fined Record $12 Million Plus $2.5m in Disgorgement, Interest for Dark Pool Disclosure Violations

The Securities & Exchange Commission fined UBS Securities LLC an industry-record $12 million and ordered disgorgement plus prejudgment interest of $2.5 million for failing to properly disclose a ...
Continue reading "UBS Fined Record $12 Million Plus $2.5m in Disgorgement, Interest for Dark Pool Disclosure Violations" »

Airbags - Unsafe at any Speed

"Airbags" are a new twist on the old reverse convertible structured product. We are beginning to see investors bringing in account statements and materials related to these types of ...
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FINRA: Firms Must Adhere to Industry Rules and Be Honest with Investors

On May 21, 2013, FINRA chairman and CEO Richard Ketchum praised firms' overall improvement in increasing compliance with industry rules, but stated there is still work to be done. Specifically, ...
Continue reading "FINRA: Firms Must Adhere to Industry Rules and Be Honest with Investors" »

UBS-Sponsored Willow Fund Drops 80 Percent After Manager Sam Kim Switches to Risky Derivatives Strategy

UBS's long-standing and profitable Willow Fund, whose assets approached $500 million in 2006, recently began the process of liquidation after the fund's portfolio manager, Sam S. Kim, switched ...
Continue reading "UBS-Sponsored Willow Fund Drops 80 Percent After Manager Sam Kim Switches to Risky Derivatives Strategy" »

UBS to Change Customers' Objectives, Reclassify Clients as "Aggressive" Investors

Imagine, you are at home and the mailman delivers a piece of mail from your brokerage firm. Upon opening it, you read that because you are a bond investor, your brokerage firm will now arbitrarily ...
Continue reading "UBS to Change Customers' Objectives, Reclassify Clients as "Aggressive" Investors" »
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