A former Jefferies Financial Group Inc. wealth advisor in Miami, one of a group that the Wall Street bank ousted last year after discovering a series of alleged misdeeds, was banned from the industry amid a regulatory probe.
The Financial Industry Regulatory Authority permanently barred Nicholas Coubrough from associating with any regulated firm after he refused to provide FINRA with information it had requested, filings dated June 30 show.
The watchdog was probing a “regulatory tip” and the allegations linked to his departure that Jefferies had disclosed.
Jefferies ousted a team of advisers in Miami late last year after allegedly discovering “impermissible money-wire transfers” and “off-channel” and “deleted” communications, a setback for the Wall Street firm’s efforts at managing the swelling fortunes of Miami’s wealthy.
The bank didn’t accuse Coubrough of this behavior, instead dismissing him because he requested “improper payments” from his colleagues in return for not disclosing their actions, Bloomberg News previously reported.
Coubrough didn’t respond to requests for comment.
He consented to the FINRA action without admitting to or denying the watchdog’s findings, the filings show. Spokespeople for New York-based Jefferies and FINRA declined to comment.
FINRA encourages workers in the finance industry to submit a “regulatory tip” if they believe they have information about potential wrongdoing. One such tip led the regulator to ask Coubrough for information or documents in April, a request he refused in a June 6 email, the filing shows.
Coubrough worked at Bank of America Corp. before joining Wells Fargo & Co. in 2015, according to his Finra profile. He was part of a team that left Wells Fargo for Jefferies in 2017, when they reportedly managed more than $1.5 billion of Latin American client assets.
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