UBS Recovers $2.3 Million From Former Advisor But Must Revise Form U-5 Termination Language

Posted on June 16th, 2022 at 1:16 PM
UBS Recovers $2.3 Million From Former Advisor But Must Revise Form U-5 Termination Language

From the Desk of Jim Eccleston at Eccleston Law:

A Financial Industry Regulatory Authority (FINRA) arbitration panel recently ordered a former Atlanta-based UBS advisor to repay the firm at least $2.1 million in loans and interest as well as $208,000 in attorneys’ fees. 

However, the panel additionally ordered UBS to revise the language it had included in the advisor’s Form U-5 termination form. While the language still categorizes the termination as involuntary, UBS will be tasked with revising the reasoning for the discharge by eliminating any mention of clients and making the language less specific. 

Specifically, UBS originally had disclosed that, “FA discharged after admitting making incomplete disclosures of material information to firm attorneys regarding circumstances related to client trip, in connection with SEC inquiry in which FA was questioned as a witness.” However, the FINRA arbitration panel ordered UBS to change the language to: “FA discharged after making incomplete disclosure of information to firm attorneys regarding actions related to regulatory inquiry in which FA was questioned as a witness”, according to the award. 

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


Tags: eccleston law, ubs, finra

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