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Richard Niemann: FINRA Suspends UBS Rep Over Discretionary Trading Allegations

Richard NiemannPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on April 16, 2019 indicate that Texas-based UBS Financial Services broker/adviser Richard Niemann has been sanctioned by FINRA in connection to alleged rule violations and suspended from acting as a broker. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Niemann (CRD# 348144).

Richard Niemann has spent 47 years in the securities industry and has been registered with UBS Financial Services in Sugar Land, Texas since 2002. Previous registrations include Salomon Smith Barney in New York, New York (1993-2002); Lehman Brothers in New York, New York (1982-1993); and Merrill Lynch (1971-1982). He has passed 11 securities industry examinations: Series 65 (Uniform Investment Adviser Law Examination), which he obtained on January 10, 1995; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on June 20, 1983; SIE (Securities Industry Essentials Examination), which he obtained on October 1, 2018; Series 15 (Foreign Currency Options Examination), which he obtained on June 22, 1988; Series 5 (Interest Rate Options Examination), which he obtained on June 22, 1988; Series 000 (General Securities Principal Examination), which he obtained on February 22, 1972; Series 1 (Registered Representative Examination), which he obtained on July 25, 1989; Series 53 (Municipal Securities Principal Examination), which he obtained on November 21, 1980; Series 24 (General Securities Principal Examination), which he obtained on October 22, 1980; Series 12 (NYSE Branch Manager Examination), which he obtained on July 28, 1980; and Series 4 (Registered Options Principal Examination), which he obtained on July 25, 1980. He is a registered broker and investment adviser with 13 US states and territories.

According to his BrokerCheck report, he has received one FINRA sanction and two customer complaints.

In March 2019 FINRA sanctioned him in connection to allegations he exercised discretion in customer accounts without the customers’ prior written authorization and without the firm’s acceptance of the accounts as discretionary. He was issued a 15-day suspension and a fine of $5,000.

In 2008 a customer alleged Richard Niemann, while employed at UBS Financial Services, sold an auction rate security prior to the widespread illiquidity in the ARS market. The complaint settled with the firm’s repurchase of the securities at par value, for $575,000.

In 2008 a customer alleged he, while employed at UBS Financial Services, sold an auction rate security prior to the widespread illiquidity in the market for auction rate securities. The complaint settled with the firm’s repurchase of the securities at par value, for $75,000.

If you or someone you know has lost money investing with Richard Niemann, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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