Former UBS Financial Services Inc. broker Paul Murans (CRD# 3266607) has three pending customer complaints for investment losses. Murans has been registered with Thurston Springer Financial in Indianapolis, Indiana since October 2017. Previously, he was registered with UBS Financial Services Inc. in Indianapolis, Indiana from 2011 to 2017, when he was terminated regarding, “FA discharged for facilitating client purchases of life-settlement products not listed on firm platform, failing to escalate a client complaint and responding to the complaint without managerial approval, and failing to disclose a client’s subsequent investment in an outside passive investment which had been previously approved for investment by the FA, in violation of firm policies and industry rules.”
Murans was previously registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Indianapolis, Indiana from 2003 to 2011, when he was terminated regarding, “conduct relating to alleged participation in outside investments and/or activities without the knowledge or approval of Merrill Lynch.”
Murans has been the subject of four customer complaints between 2016 and 2019, according to his CRD report:
- August 2019. “Unsuitable investments, unauthorized credit line agreement, unauthorized trades, uninvested funds, lost market opportunity and selling away in life settlement contracts.” The customer sought $500,000 in damages and the case was settled for $300,000. The complaint was regarding selling away.
- November 2018. “UBS states the complaint per below, but these details cannot be verified against the complaint, as the complaint has not been supplied to Thurston Springer, despite requests from Representative Murans and Thurston Springer. “Time Frame: December 2, 2013 to October 20, 2017 The client alleges the life settlement contract was misrepresented and unsuitable. The client further alleges unauthorized trading of structured products. The client finally alleges she had no idea she was borrowing from her loan account.” The case was settled for $250,000.
- March 2018. “Time frame: December 2012-October 2017 Allegations: Claimants, an owner of a business that raises money for medical device companies, and his wife, complain about overconcentration in SPXU and TWM, leveraged ETFs, and allege that these securities were unsuitable in light of their objectives. They also complain about overconcentration in risky energy-related investments, and they allege that these were also unsuitable. Claimants also allege that UBS failed to adequately supervise the FA with respect to Claimants’ accounts.” The customer sought $700,000 in damages and the case was settled for $355,000. This case was regarding Leveraged short Exchange Traded Funds (ETFs), Over the Counter (OTC) Equities and Unit Investment Trusts (UITs).
- August 2016. “Time Frame: 2011 to July 2016 Claimant’s Counsel alleges that recommendations were made that were unsuitable in light of client’s investment objectives and risk tolerances.” The customer sought $250,000 in damages and the case was settled for $75,000. The complaint was regarding stocks and closed end funds.
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 Murans’ customers.
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