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FINRA suspends former UBS broker who traded excessively in elderly clients' accounts

Posted on November 26, 2018 at 5:40 PM
FINRA suspended, David H. Fagenson, a former UBS Financial Services Inc. broker for eight months. Fagenson made a number of unsuitable trades in the accounts of three senior citizens, creating steep losses for the clients and generating hundreds of thousands of dollars in commissions and markups for himself and UBS. FINRA found that Fagenson's trading in the accounts of the three clients was "excessive and unsuitable" given the clients' ages and levels of risk tolerance, according to FINRA. Fagenson, who has been a registered broker for 31 years at eight firms, agreed to the settlement without admitting to or denying FINRA's findings. The trading violations of industry rules occurred from January 2012 to September 2016. Fagenson was fired by UBS in September 2016 after the firm put him on heightened supervision and found that he violated certain trading policies, including those regarding the short-term trading of preferred shares and texting with clients. Read More: Settlement FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2017052874401 http://www.finra.org/sites/default/files/fda_documents/2017052874401%20David%20Fagenson%20CRD%201652012%20AWC%20va.pdf

Categories: Fair Dealing