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Former UBS broker files suit to block amended entry on U5 form

On Behalf of | Sep 15, 2022 | Firm Transition

A former broker for UBS Wealth Management USA has gone to court to prevent the firm from posting what he says is defamatory information on his U5 termination form, AdvisorHub reports.

Brandon Thomas, who was terminated in March after eight years with the company, filed a lawsuit that has been moved from a Texas state court to federal court. UBS’s initial entry on his U5 form stated that Thomas was discharged for violating firm policies by purchasing equity shares directly from a transfer agent with prior approval.

But when the form was modified in August, UBS said the termination was due to Thomas violating firm policies by accepting orders via email without verbally confirming it with the client. Thomas’s lawsuit alleges that UBS was attempting to “fabricate a much more damning basis for his termination…and make him virtually unemployable at other firms or in another industry that requires employer and client trust.”

Thomas, who worked for UBS in Beaumont, Texas, said the amended information conflicted with what he was told by the firm and said it defamed him, calling it “career-ending.” His lawsuit seeks a restraining order to prevent the firm from modifying the U5 form. He previously filed a complaint with FINRA trying to block the initial termination information from his record.

A UBS spokesperson declined comment on the lawsuit.

FINRA’s Form U5 tracks, among other things, the employment history of registered representatives and the circumstances surrounding why a registered representee’s registration with a firm terminated. An inaccurate filing threatens your career in the financial services industry and may permanently put you at a disadvantage when seeking future opportunities.  If you are concerned that you may be, or if you already have been, terminated from your firm, or if you believe you have inaccurate information on your Form U5, we invite you to contact Lewitas Hyman at (888) 655-6002 or through our online contact form to schedule a free consultation.