FINRA Cracks Down On UBS and Berthel Fisher

Posted on May 4th, 2022 at 1:35 PM
FINRA Cracks Down On UBS and Berthel Fisher

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has issued a $350,000 fine to UBS for failing to report trades in TRACE-eligible securities. 

UBS failed to report at least 3,850 trades between July 2018 and September 2021, according to FINRA. The trades included nearly 340 large-block transactions in corporate debt securities as well as 424 large-block transactions in agency debt securities. UBS failed to timely report the trades, which constituted 4.72% of the firm’s large-block corporate debt transactions and 9.3% of the firm’s large-block agency debt transactions, according to FINRA. FINRA additionally alleged that UBS failed to timely report at least 1,830 transactions in securitized products. 

Additionally, FINRA has issued a $100,000 fine to Berthel Fisher & Co. for failing to adequately supervise options trades in a client’s account. Last summer, FINRA initiated an examination sweep evaluating the supervision, communications and diligence relating to the opening of options accounts. According to FINRA, Berthel Fisher failed to exercise due diligence to verify a client’s investment experience and knowledge when the firm was reviewing a client’s request for approval to trade options in August 2015. Berthel Fisher additionally recommended options trades to the client between August 2015 and February 2018 absent a reasonable belief that the transactions were suitable for the client, according to FINRA. FINRA additionally alleged that Berthel Fisher failed to create and implement a supervisory system to effectively evaluate the suitability of options trading in client accounts. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.

 
 

Tags: eccleston law, ubs, finra

Return to Archive

TESTIMONIALS

Previous
Next

I want to extend a tremendous thank you for your dedication, professionalism, hard work and patient demeanor through this challenging time. It was enjoyable interacting with everyone on your team, this certainly helped while dealing with the situation and working towards resolution.

Dan M.

LATEST NEWS AND ARTICLES

October 29, 2025
FINRA Foundation Study Reveals Alarming Investor Susceptibility to Fraudulent Offers

The FINRA Investor Education Foundation (FINRA Foundation) has released preliminary findings from its upcoming report, Investors in the United States: A Report of the National Financial Capability Study.

October 28, 2025
UBS Seeks Court Order Against $1.4 Billion Florida Advisory Team Over Client Solicitation Allegations

UBS Wealth Management USA has filed a lawsuit and requested a temporary restraining order (TRO) against a $1.4 billion advisory team that recently departed to join Elevation Point, a West Palm Beach-based registered investment advisor launched just 15 months ago.

October 27, 2025
FINRA Panel Orders Charles Schwab to Pay Damages Over Structured Product Losses Sold by Vora Wealth Management

A three-person FINRA arbitration panel ordered Charles Schwab & Co. to pay $165,440 in compensatory damages to a former client of Vora Wealth Management, after losses tied to complex structured products.