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FINRA Panel Orders UBS To Pay For Bond Losses

A FINRA arbitration panel ordered UBS Group AG's wealth management business for the Americas to pay over $470,000 to three investors who claimed damages because their accounts were over-concentrated in Puerto Rico bonds that plummeted. The investors--Obdulio Melendez Ramos, Ramon Velez Garcia and Carlos L. Merced--filed the arbitration in 2014 and sought up to $570,243 in damages, alleging fraud and negligent supervision. "Although the arbitrators awarded less than the full damages the claimants requested, UBS is disappointed with the decision to award any damages, with which we respectfully disagree," said Gregg Rosenberg, a spokesman for UBS. "The decision in this case was based on the facts and circumstances particular to these particular claimants, and is not indicative of how other panels may rule with regard to other customers who invested in similar products," he said. Damages related to Puerto Rico's distressed debt were among the litigation matters outlined in the Swiss bank's financial supplement for its fourth-quarter earnings results. The supplement [...]

By |March 25th, 2016|FINRA, Fraud, Press Releases & News|
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Ex-MetLife, Pruco Broker Accused Of Deceptive Variable Annuity Sales Practices

FINRA has accused a former MetLife Securities Inc. and Pruco Securities Inc. broker, Winston Wade Turner, of harmful and deceptive variable annuity sales practices. According to FINRA's complaint, Turner allegedly "engaged in a course of deception and other misconduct in connection with sales and exchanges of variable annuities involving numerous customers." Turner also allegedly induced some clients to exchange their variable annuities and other investments, whereby they surrendered existing contracts to fund purchases of new variable annuities, sometimes incurring surrender charges for the investor and generating additional commissions for Turner. He concealed the unsuitability of these transactions by falsifying documents and misrepresenting the way some income features on the annuity contracts worked, according to the complaint. More specifically, Turner allegedly hid the nature of the variable annuity transactions by circumventing the “additional supervisory scrutiny and documentation” required for these exchanges, the complaint says. In some cases, Turner hid his actions by recommending clients deposit proceeds from the surrender of the variable [...]

By |March 2nd, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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Most Common Investment Adviser Violations

Six investment adviser violations make up roughly 60% of all deficiencies the SEC's staff find when they investigate adviser offices, according to Renee Esfandiary, assistant director of the SEC's Office of Compliance, Inspections and Examinations. The investment adviser violations include: Compliance Rule Violations include not have written policies and procedures to ensure firm operations adhere to all adviser regulations, not following the firm’s own policies and procedures, or not having a chief compliance officer responsible for administering them. Disclosure Violations can occur when advisers fail to update their registration form ADV timely, file it with incorrect information, or do not provide clients or prospective clients with certain information at required times. Fiduciary Duty Investment adviser violations occur a when an adviser fails to act in a client's best interest, such as using client assets for an adviser’s own benefit or for the benefit of another client. This can constitute fraud. Part of this responsibility requires advisers to disclose any conflicts of interest. [...]

By |February 29th, 2016|Fraud, Press Releases & News, SEC|
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Questar Advisor Allegedly Sold Fraudulent Securities

The Frankowski Firm is investigating complaints regarding and the termination of former Questar Capital Corporation advisor Kevin Wanner. The complaints allege that The North Dakota Securities Department issued a cease and desist order claiming that Wanner sold time certificate of deposit securities purporting to represent an investment in an FDIC insured interest bearing account and further misrepresented to the investors that their funds would be deposited with the FDIC member financial institutions represented. Instead, the funds were deposited into accounts owned and controlled by Wanner for his own purpose. Subsequently, on December 31, 2015, the NDSD revoked Wanner’s securities license in the state. On January 11, 2016, FINRA permanently barred Wanner form the securities industry. Wanner was barred from engaging in the business of insurance and from withdrawing any moneys from any banking or financial accounts. The order alleges that two people were given fraudulent certificates of deposit which could not be authenticated by the banks listed on the documents. Warner's alleged [...]

By |February 17th, 2016|FINRA, Fraud, Press Releases & News|
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