UBS broker terminated for violations involving outside business activity

On Behalf of | Oct 25, 2021 | Broker Misconduct, Firm Transition

UBS Wealth Management USA has terminated one of its brokers over what it said were violations of the company’s policies on outside business activity, according to AdvisorHub.

The action against Patrick R. Murray was detailed in his Central Registration Depository report. Murray had been with UBS since 2009 and had been a senior vice president who led a three-advisor team in Sandusky, Ohio.

According to the CRD report, Murray was terminated in September after UBS said he had gone beyond the scope of the firm’s approval letter for his outside business. The violation involved making certain investment recommendations and receiving commissions on the account.

Five outside business activities are listed on Murray’s record, but it was not specified which of the businesses were the subject of the violation. He had been previously disciplined for another matter involving an outside business activity. The report also disclosed that Murray had violated firm procedures by having certain arrangements for the convenience of family members.

A UBS spokesman did not comment on the broker’s termination and Murray did not respond to requests for comment, AdvisorHub reported.

If you are under investigation by your firm, terminated for cause or considering voluntarily leaving your firm, it is imperative that you hire counsel to advise you properly and protect your record. For information on how the Chicago securities employment counsel attorneys at Lewitas Hyman can advise you on various types of employment issues, please contact us at (312) 291-4600 or through our online contact form.

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