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UBS Financial Services Was Sanctioned in Connection to Alleged Rule Violations

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UBS Financial Services

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 12, 2017 indicate that New Jersey-based brokerage and advisory firm UBS Financial Services has been sanctioned by FINRA in connection to alleged rule violations. Fitapelli Kurta is interested in speaking to investors who have complaints regarding UBS Financial Services (CRD# 8174).

Established in Delaware in 1969, UBS Financial Services is headquartered in Weehawken, New Jersey and registered with 53 US states and territories. It is owned by UBS Americas; Amy Fainsbert is Chief Financial Officer; Lisa Francomano is Chief Compliance Officer for the Advisory Business; Sharyn Handelsman is Chief Compliance Officer; Brian Hull is President; Kathleen Lynch is Chief Operating Officer; Thomas Naratil is Chairman. The firm is registered with FINRA, the Securities and Exchange Commission, and nine other self-regulatory organizations.

According to the firm’s BrokerCheck report, UBS Financial Services was recently sanctioned by FINRA in connection to alleged rule violations.

In May 2017 FINRA sanctioned the firm following allegations, among others, it “failed to accurately record the time of order receipt by its financial advisors for manually handled non-convertible preferred orders, failed to accurately record the time of order receipt at its taxable fixed income (TFI) desk for manually handled non-convertible preferred orders, and failed to accurately record the time of execution for manually handled non-convertible preferred orders.” FINRA’s findings stated further that the firm failed to provide best execution in connection to transactions in over-the-counter securities by “failing to use reasonable diligence to ascertain the best market for the subject security and by failing to buy or sell in such market so that the resultant prices were as favorable as possible under prevailing markets conditions.” The firm was censured and issued a fine of $110,000, and was also required to revise its written supervisory procedures.

If you or someone you know has lost money investing with UBS Financial Services, 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.