As reported this week in the Investment News (“UBS Fires Top Connecticut Broker Phil Fiore Jr. for Multiple Violations”), UBS Financial Services Inc. has fired Phil G. Fiore Jr., a top broker based in Stamford, Conn., for the violation of firm policies while he was under heightened supervision.
Mr. Fiore was reportedly a senior vice president and part of the FDG Institutional Consulting Group, as well as one of the top-ranked advisers in Connecticut, according to last year’s ranking by Barron’s magazine.
A review of Mr. Fiore’s registration records with the Financial Industry Regulatory Authority (“FINRA”) indicates that he was discharged at the end of November for violating UBS policies, including not disclosing an unpaid directorship at a not-for profit entity affiliated with a client; not seeking approval to operate a charity golf tournament; not seeking firm approval to make blog posts; and for failing to disclose to UBS that a new client had made an investment in Mr. Fiore’s approved outside business.
Mr. Fiore, who had been a broker at UBS since 2009, has five (5) customer complaint disclosure events indicated on his FINRA registration report – complaints which had alleged misrepresentation, churning, unsuitable trading and failure to follow instructions.
In addition, his FINRA registration report indicates that he has been the subject of two regulatory events including:
A May 2015 suspension, for thirty (30) days, by the Financial Industry Regulatory Authority Inc. for having an outside business activity and acting as a business consultant at an electric utility company without providing specific written notice to UBS; and
A December 2015 conditional registration stipulation, with the Massachusetts Securities Division, which required UBS to supervise his activities, on a heightened basis, for eighteen (18) months; prohibited him from exercising discretion over retail accounts for Massachusetts individuals; and which prohibited him from having any principal or supervisory duties.
If you are an individual or institutional investor who has any concerns about your accounts and/or investments with UBS Financial Services, please contact us for a no-cost and no-obligation evaluation of your specific facts and circumstances. You may have a viable claim for recovery of your investment losses by filing an individual securities arbitration claim with the Financial Industry Regulatory Authority (FINRA).