What You Need to Know
- The ex-UBS broker and advisor was charged with first-degree conspiracy for allegedly defrauding clients out of over $500,000.
- He's one of five defendants in the case, along with his wife.
- A UBS client's lawyer also accused him of fraud and breach of fiduciary duty, requesting $2 million in damages.
The Certified Financial Planner Board of Standards imposed an interim suspension of CFP certification against a former UBS broker who was charged with first-degree conspiracy for allegedly conspiring to defraud two investors and two mortgage lenders of more than $500,000.
Joseph M. Whitney of Mahwah, New Jersey, was a rep and advisor with UBS from January 2009 until May 2020, according to his report on the Financial Industry Regulatory Authority’s BrokerCheck website. After leaving UBS, he became a rep for Wedbush Securities in June 2020 and left that firm in February, according to BrokerCheck. He is no longer registered as a broker or advisor. However, his LinkedIn account says he still works for Wedbush.
UBS, Wedbush and Whitney did not immediately respond to requests for comment on Thursday.
On March 2, CFP Board filed a motion for an interim suspension order requesting the Disciplinary and Ethics Commission (DEC) issue an interim suspension order against Whitney, CFP Board said Wednesday.
CFP Board pointed out that Whitney was named as a defendant in a criminal matter brought by the Gangs and Organized Crime Bureau of the New Jersey Attorney General’s Division of Criminal Justice (Case Number 0201S201000001), in which he was charged with first degree felony conspiracy.
The DEC determined Whitney’s conduct “poses a significant threat to the public and significantly impinges upon the reputation of the profession or the CFP certificant marks and granted” the motion, CFP Board said. The suspension became effective Tuesday.