Securities Arbitration Lawyers BlogFormer Coral Gables, Florida-based UBS Broker Under Investigation for Allegations of Unauthorized Trading
Silver Law Group is investigating former Coral Gables, Florida broker James P. Scullin (CRD# 1577362) for unauthorized trading in customer accounts among other allegations.
According to Scullin’s FINRA BrokerCheck report, UBS Financial Services Inc. (CRD# 8174) terminated Scullin when UBS learned that he actively traded in an undisclosed commodities account outside UBS, exercised discretion without written authorization in violation of firm policy, and entered an unauthorized trade.
According to an Acceptance, Waiver & Consent (“AWC”) entered into between FINRA and Scullin in May 2016, FINRA found that Scullin placed a trade of over $5 million without informing the individuals with authority over the account. Further, when one of the individuals questioned the unauthorized trade, Scullin concealed the trade.