Can I recover losses from investments with former UBS Financial Services Inc. broker Joseph Whitney (CRD# 4593351)? Joseph Whitney has been registered with Wedbush Securities Inc. in New York, New York from May 2020 to February 2021. Previously, Joseph Whitney was registered with UBS Financial Services Inc. in New York City, New York from 2009 to 2020.
In January 2021, the New Jersey Bureau of Securities denied Joseph Whitney’s registration regarding the following allegations: “Whitney engaged in dishonest and unethical practices in the securities business by (1) violating UBS’ Reporting Client and Other Complaints policy and failing to timely report a complaint to UBS. (2) violating UBS’ Prohibition Against Selling Away policy and referring his customer to his wife, M-Whitney for a private real estate investment. (3) violating UBS’ COI Policies by, among other things, failing to address the conflict of interest that arose through referring a customer to M-Whitney, and putting his own interest before his customer’s interests. (4) recommending CG take out the Securities Backed Loan without a reasonable basis that it was suitable.”
Joseph Whitney Faces Investigation Regarding Money Laundering
In January 2021, an investigation was opened against Joseph Whitney and he faces money laundering charges.
Joseph Whitney has been the subject of one customer complaint, according to his CRD report:
January 2020. “Time Frame: August 21, 2018 to April 10, 2020 What were the allegations against the individual? The client’s attorney alleges fraud and a breach of fiduciary duty by the Financial Advisor in asking him to invest in a project with his wife. The attorney further alleges the Financial Advisor did not disclose that his wife and her family were not strangers to fraud schemes.” The customer is seeking $2,000,000 in damages and the case is currently pending. The complaint took place while Joseph Whitney was registered with UBS Financial Services Inc.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, UBS Financial Services Inc. may be liable for investment or other losses suffered by Joseph Whitney’s customers.
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