The Financial Industry Regulatory Authority has barred a former UBS Financial Services broker who was found to be secretly borrowing from clients and misusing the funds, InvestmentNews reports. Manuel F. Melendez, a general securities representative who spent 16 years...
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Broker Misconduct
FINRA fines, suspends former Merrill Lynch broker for unauthorized trading
A settlement has been reached that will result in penalties against a former Merrill Lynch broker for unauthorized trading, according to AdvisorHub. William “Bill” W. King was fined $5,000 and suspended for 30 days by the Financial Industry Regulatory Authority for...
3 former Wells Fargo executives fined for unsafe banking practices involving fake accounts
Three former senior executives of Wells Fargo Bank have been fined over what were labelled as 'unsafe or unsound banking practices related to the bank’s systemic and widespread sales practices misconduct', according to ThinkAdvisor. The Office of the Comptroller of...
Arbitrators allow UBS Wealth Management broker to clear record of wrongdoing
A panel of arbitrators sided with a UBS Wealth Management broker in a dispute over the firm's "Yield Enhancement Strategy" (YES), a managed-account options strategy product that was the subject of numerous complaints by clients. In its arbitration award, the...
Lawsuit filed against barred broker over recommended life insurance program
An investor has filed a lawsuit against his former broker, alleging that he recommended a life insurance program that caused a devastating financial impact. The suit, detailed in a report by ThinkAdvisor, was filed in U.S. District Court in Oregon by Oregon resident...
