Erez Law is currently investigating former UBS Financial Services Inc. financial advisor Ronald Broadstone (CRD# 1043159) regarding unauthorized trading in customer accounts. Broadstone was registered with UBS Financial Services Inc. in New Albany, Ohio from 2007 to April 2017, when he was terminated regarding, “The Financial Advisor was discharged after an internal review found that he: (1) acted not in the interests of the trust and beneficiaries in his capacity as trustee of a family trust; (2) violated firm policies concerning order entry and client complaint escalation; and (3) gave inconsistent responses during the review.”
In April 2017, Broadstone was barred by FINRA after he consented to the sanction and to the entry of findings that he refused to respond to FINRA’s questions during his on-the-record testimony in connection with its investigation into whether, while associated with UBS Financial Services Inc., Broadstone had misused or misappropriated customer assets, engaged in unauthorized trading, or settled a customer complaint without notifying the firm.
Broadstone has been the subject of two customer complaints between 2011 and 2016, according to his CRD report:
- October 2016. “Time Frame: February 25, 2016 to Jul 5, 2016 The attorney alleges unauthorized trading and a distributing the entire proceeds of the account to [Customer’s] siblings which did not coincide with the instructions provided.” The case was settled for $18,848.31.
- July 2011. “Claimant alleges general (SP) mismanagement and unsuitable recommendations in connection with losses in her account. Time frame: 01/07-12/2008.” The customer sought $399,849.65 in damages and the case was settled for $90,000.
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 Broadstone’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.