UBS Financial Services Inc. fired Phil Fiore Jr., one of its top brokers based in Stamford, Connecticut, for failing to keep the firm informed of outside business activities, even while he was under heightened supervision. Fiore was terminated at the close of November for violating firm policies, including not disclosing an unpaid directorship at a not-for profit entity affiliated with a client; not seeking approval to operate a charity golf tournament; and not seeking firm approval to make blog posts, according to his FINRA BrokerCheck report. He also failed to disclose to UBS that a new client had made an investment in Fiore’s outside business, which had been approved by UBS, also according to BrokerCheck.
Phil Fiore Jr. was a Senior Vice President and part of the FDG Institutional Consulting Group, in addition to being one of the top-ranked advisers in his state, according to Barron’s magazine. Barron’s also said the group had $8 billion in client assets in 2015.
Fiore had been a broker at UBS since 2009. Before that, he was employed by Merrill Lynch. Before being fired by UBS, Fiore had seven disclosure events on his BrokerCheck report. Five of those are customer complaints, one of which resulted in an award for the customer.
In May, Fiore was suspended for thirty days by FINRA and fined $5,000 for having an outside business activity and acting as a business consultant at an electric utility company without providing specific written notice to UBS, according to BrokerCheck. A year ago, Fiore was put on heightened supervision as a condition stipulated by the Massachusetts Securities Division after UBS sought to register him as a broker there.If you or someone you know has lost money as a result of investing in any of the UDF REITs, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.