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Articles Tagged with UBS Financial Services

Alex Gerardo Herrera (CRD #3204779) is a former registered broker and investment representative whose last employer was UBS Financial Services Inc. (CRD #8174) of Coral Gables, FL. His previous employers include HSBC Securities (USA) INC. (CRD #19585), also of Coral Gables, Atlas One Financial Group, LLC (CRD #124057) of Miami, FL, and Citicorp Investment Services (CRD #23988) of Long Island City, NY. No current employment information is available. He has been in the industry since 1999.

Herrera is the subject of three disclosures, with the most recent filed on 8/08/2018, a FINRA disciplinary action and Acceptance, Waiver & Consent (AWC) form in relation to his employment with UBS Financial Services. The investigation was focused on his voluntary termination “while under review after advising management he had engaged in financial and real estate relationships with longstanding clients without prior approval.” FINRA requested information from Herrera in letters dated May 17, 2018 and June 6, 2018 in relation to the allegations.

Stephen-Grivas-Permanently-Barred-by-FINRA-300x210Through his legal counsel, Herrera indicated to FINRA that he declined to provide the requested information to them. On 7/23/2018, without admitting or denying the findings, Herrera signed the AWC letter, accepting sanctions. In the letter, FINRA indefinitely barred Herrera in all capacities.

South-Florida-Broker-Brian-Michael-Berger-Permanently-Barred-by-FINRA-1024x683-300x200Former UBS broker John Maccoll (CRD #839441) has been indefinitely barred from affiliation with any FINRA member in any capacity as of 07/02/2018.

His most recent employer was UBS Financial Services Inc. (CRD #8174) of Birmingham, MI. Previously, he was employed with Morgan Stanley DW Inc. (CRD #7556) of Purchase, NY, E. F. Hutto n & Company Inc. (CRD #235), Loeb Partners (CRD #7534) and Hornblower, Weeks, Noyes & Trask Incorporated (CRD #7394). No current employment information is available. Maccoll has been in the industry since 1977.

On 3/15/2018, UBS discharged Maccoll after he refused to cooperate with the firm’s investigation into allegations he misappropriated money from a client. He later disclosed that he had misappropriated money from a total of 13 clients.

Silver Law Group is investigating claims against UBS Financial Services (“UBS”) New York-based stockbroker James Dillon (“Dillon”). According to the Financial Industry Regulatory Authority (“FINRA”), Dillon’s FINRA BrokerCheck record shows a pending customer dispute alleging claims of unsuitable concentration in connection with the purchase of Puerto Rico municipal bonds. The damages alleged in the complaint are $500,000.

Silver Law Group is representing investors in claims against UBS and several other brokerage firms relating to the sale and concentration of portfolios in Puerto Rico municipal bonds. Brokers recommended Puerto Rico bonds due to their high coupons without disclosing to investors the risks associated with the Puerto Rican economy and the on-going recession on the island. Many elderly and conservative investors lost substantial portions of their portfolios when the Puerto Rico municipal bonds collapsed in value causing many to lose their entire retirement savings.

Silver Law Group is representing customers of brokerage firms in securities arbitration claims for losses in Puerto Rico municipal bonds alleging that the customers were misled about the risks of the bonds, overconcentration, breach of fiduciary duty, and excessive trading.

John Hurry May Face FINRA Charges, Sanctions Following Allegations on silverlaw.comSilver 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.

Baton Rouge Broker Ralph Savoie Permanently Barred by FINRA on silverlaw.comSilver Law Group is investigating former UBS Financial Services Inc. (CRD# 8174) broker Michael R. Smith (CRD# 428405) after UBS terminated the broker.

UBS terminated Smith, based out of Aventura, Florida, in October 2015 after he failed to disclose to the firm that he was named trustee for the trust of an unrelated client on two occasions.

In May 2016, FINRA barred Smith from the selling securities after Smith failed to respond to a FINRA request for information.

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