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Former UBS broker appeals judge’s decision denying whistleblower lawsuit

On Behalf of | Apr 29, 2022 | Firm Transition

A former broker for UBS Wealth Management USA has filed an appeal after his whistleblower lawsuit against the firm was denied in federal court, according to AdvisorHub.

The legal dispute between Craig Price and UBS began when Price claimed he was wrongfully terminated in 2016 after alerting authorities about a colleague who allegedly stole from the account of an elderly client. Price said that after he cooperated in a FINRA investigation of the colleague, UBS conducted a campaign of retaliatory harassment against him.

Earlier this month U.S. District Judge William J. Martini ruled against Price, saying he had not proven that his termination was a direct result of his whistleblower activity. The judge noted that Price’s firing came nearly three years after his initial complaints about the colleague’s conduct, and over one and a half years after he was deposed by FINRA.

Martini sided with UBS in its assertion that Price was discharged for legitimate reasons. The company said it terminated him after two of his clients filed complaints involving unsuitable trading in a penny stock.
Price has now filed a notice in Third Circuit appeals court that he will challenge the decision of Martini. Price was quoted in an emailed statement as saying “The judge appears to have believed UBS’s false cover story”, adding that key facts supporting his claim of retaliation were ignored.

Price worked in UBS’s private wealth management unit in Stuart, Florida after joining the firm in 2000. He now works as an independent advisor representative.

Lewitas Hyman routinely represents financial advisors and other registered representatives who were wrongfully terminated by their firm. Our attorneys take a thoughtful approach to clients’ cases by first trying to work with the terminating firm concerning the Form U5 disclosure. When necessary, our attorneys are prepared to file wrongful termination and defamation claims. We are prepared to assist when the circumstances surrounding your termination are wrongful. Contact Lewitas Hyman at (888) 655 6002 or through our online contact form for a free consultation.