The Financial Industry Regulatory Authority suspended two UBS Financial Services reps for 45 days each and fined each of them $5,000 for allegedly making unauthorized trades in their clients’ accounts, according to FINRA.
Without admitting or denying the findings, William Daly and Richard Denecker each submitted a letter of acceptance, waiver and consent to FINRA Aug. 5 in which they agreed to FINRA’s sanctions. FINRA accepted the letter Wednesday.
UBS declined to comment Friday. Todd Ratner, the Richmond, Virginia-based attorney who represented the reps in the disputes with FINRA, did not immediately respond to a request for comment.
On Dec. 10 and 11, 2018, Daly “placed a trade in each of his 48 firm customer accounts, without the knowledge, authorization, or consent” of his clients, according to his AWC letter.
On the same dates, Denecker “placed a trade in each of his 32 firm customer accounts, without the knowledge, authorization, or consent” of his clients, according to his AWC letter.
Because of their actions, each rep violated FINRA Rule 2010 (governing standards of commercial honor and principles of trade), FINRA claimed.
Ex-Edward Jones Rep Suspended
Separately, FINRA suspended an ex-Edward Jones rep for 10 days and fined him $2,500, claiming that, while registered with that firm in March, Michael Erwin settled a customer complaint without the knowledge or approval of the firm, violating FINRA Rule 2010.