Finra Suspends UBS Broker over Concerns about Trading Approval
Financial Industry Regulatory Authority Department of Enforcement
Alfred William Valz
Background: Valz entered the industry in July 1971 and has since associated with nine broker-dealers. Valz obtained his Registered Representative license in June 1971, Uniform Securities Agent in June 1986 and Uniform Investment Advisor in August 2002. Valz is currently associated with National Securities Corporation.
Overview of Allegations: While associated with UBS, between April 23, 2015 and May 14, 2015, Valz exercised discretion in a customer’s account without obtaining prior written authorization from the customer or written approval of the account as discretionary from UBS.
Valz discussed the investment strategy with the customer prior to effecting the transactions but exercised his discretion in effecting the transactions on dates when he had not spoken with the customer.
Result: Without admitting or denying the findings, Valz consented to a 10 business-day suspension from associating with any FINRA member broker-dealer and a $5,000 fine.