Michael Merlin, whose 11-person team reportedly produced around $10 million, left Friday after 21 years at Morgan Stanley and Smith Barney.
Ron Thacker, a regional manager since 2001, left the wirehouse Friday morning and is being replaced by Chicago-based regional director Steve Austin.
Newman, who gained notoriety for allegedly working with college admissions scandal mastermind Rick Singer, had been with the wirehouse since 2004 and managed its Pasadena complex.
Boston-based broker with over five decades of experience agreed to a 35-day suspension and fine for investing $62,500 in private securities without approval from the firm.
Morgan Stanley and a broker it hired in June have agreed not to contact former clients pending the outcome of a parallel claim Fidelity has brought in arbitration.
UBS is raising revenue thresholds so that many brokers must produce more to match 2019 pay, with minimums rising by $200,000 at the 39%, 42%, 49% and 50% payout levels.
Gerry Ferrante, complex manager of wirehouse’s Fifth Avenue complex, hands reins to John Palazzetti, who returns after a hiatus at Fieldpoint and Park Avenue Securities.