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Phil Fiore Jr. Fired By UBS For Multiple Violations

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 [...]

By |December 29th, 2016|Broker Check, FINRA, Press Releases & News|
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Jeffrey Howell Barred From Securities Industry

Jeffrey Howell, formerly a broker with UBS Group AG's wealth management unit was barred from the securities industry for giving a client faux weekly account statements over a period of six years, according to FINRA.Howell sent these reports from September 2008 to November 2014, overvaluing the account by as much as $3 million, according to a settlement notice accepted by FINRA. He is believed to have changed three UBS account statements to conceal the inaccuracies in the reports.Jeffrey Howell created and sent the client over 300 weekly "Stock Tracking Reports" that were supposed to reflect the value of the customer's portfolio but actually misstated it in amounts ranging from $289,000 in September 2008 to about $3 million in November 2014, according to the notice. Howell used his personal e-mail account to send some of the false reports, leaving UBS with inaccurate books and records, FINRA said.According to FINRA's BrokerCheck, UBS terminated Howell in 2014, and he is no longer registered with [...]

By |October 14th, 2016|Broker Check, FINRA, Fraud, Press Releases & News|
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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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Frankowski Firm Investigating UBS Broker

The Frankowski Firm is currently investigating the possible wrongdoing of current UBS Financial Services broker Bradley Ross of Fort Lauderdale, Florida. According to FINRA's BrokerCheck, Ross has been the subject of a number of customer complaints. In 2015, a customer alleged Ross, while employed at UBS, recommended investments not consistent with their risk tolerance. The customer claimed Ross's recommendation was made with total disregard for their risk tolerance and was a radically unsuitable recommendation based on both their risk tolerance and investment history. Again in 2015, a customer alleged Ross, while employed at UBS, refused to follow the customer's directives to sell, violated multiple fiduciary obligations including the buying of unsuitable investments and making unauthorized trading. The customer requested $94,862 in damages. Also in 2015, a customer alleged Ross, while employed at UBS, recommended unsuitable investments and over-concentrated their account. The customer sought $400,000 in damages in the complaint. In 2014, a customer alleged Bradley Ross, while employed at UBS Financial [...]

By |February 5th, 2016|Broker Check, FINRA, Press Releases & News, SEC|
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