Accuses Oklahoma advisor of filling out a blank check for $22,000 from a customer with dementia, picking up another $22,000 in cash from him.
Advisor and firm sold Native American group $190 million of nontraded REITS and BDCs over 3.5 years, reaping $11 million of commissions.
Arbitrators cite UBS’s “extreme recklessness and indifference” in sales of closed-end bond funds and use of non-purpose loans to buy more debt.
Regulator revisits trading desk, finds 35 pricing violations, imposes fine and restitution to customers.
Finra issues investor alert warning customers they may be unknowingly switched from their full-service broker to a more aggressive “advisory center” rep.
The regulator’s 2017 exam priority letter says it will focus on hiring procedures and supervision of reps with troublesome backgrounds.