UBS Advisor Joins U.S. Capital After Contentious Compliance Review

Posted on May 19th, 2022 at 1:48 PM
UBS Advisor Joins U.S. Capital After Contentious Compliance Review

From the Desk of Jim Eccleston at Eccleston Law:

A UBS Wealth Management advisor who generated $3 million in annual revenue has joined U.S. Capital Wealth Advisors, which is a regional Texas-based firm run by a former UBS manager. 

Stephen Tolbert, who oversaw $300 million in client assets, joined U.S. Capital in Houston, according to the firm’s CEO Patrick Mendenhall. Mendenhall departed UBS in 2009 and subsequently launched U.S. Capital not long after Mendenhall recruited Tolbert to UBS. Tolbert reportedly did not plan to leave UBS, but was prompted to join U.S. Capital after a routine compliance review became contentious, according to Mendenhall. UBS officials were allegedly concerned that Tolbert was not “forthcoming” when they requested permission to review two laptops Tolbert used to work remotely. Tolbert believed that he had not violated any rules, which prompted him to “push back”, and examiners claimed he was being “combative”, according to Mendenhall. 

UBS might have been concerned that Tolbert was planning to depart the firm or subsequently reveal confidential client information. However, U.S. Capital’s attorneys examined the issue and determined that there was no regulatory violation or customer privacy risk, according to Mendenhall. 

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

 
 

Tags: eccleston law, ubs, advisor

Return to Archive

TESTIMONIALS

Previous
Next

 


It was really fun seeing you fight for us. You have an amazing way of thinking out of the box.


 

Beth M.

LATEST NEWS AND ARTICLES

October 7, 2025
Tricolor Bankruptcy Sparks DOJ Probe and Distress in Subprime Auto Loan Market

Tricolor Holdings, a subprime auto lender that combined used-car sales with high-interest financing for borrowers with limited or no credit history, has collapsed into bankruptcy amid a federal investigation into alleged fraud.

October 6, 2025
Judge Allows Widow's $8 Million FINRA Arbitration Claim Against JPMorgan to Proceed

JPMorgan Chase & Co. failed in its effort to block an 85-year-old widow from pursuing claims in FINRA arbitration over allegations that the bank failed to prevent her son from siphoning more than $8 million from her accounts.

October 3, 2025
SEC Charges Pennsylvania Man in $400 Million Ponzi Scheme

The Securities and Exchange Commission (SEC) has charged Daryl F. Heller of Pennsylvania, along with his companies Prestige Investment Group, LLC, and Paramount Management Group, LLC, for operating a Ponzi scheme that caused investor losses of roughly $400 million.