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Former UBS Financial Services Financial Advisor William Andrew Hightower Barred By FINRA

Posted on Monday, April 17th, 2017 at 1:25 pm    

Erez Law is currently investigating former UBS Financial Services financial advisor William Andrew Hightower (CRD# 2152369) regarding recommendations for investments in unapproved private securities transactions. Hightower was registered UBS Financial Services Inc. in Houston, Texas from 2007 to 2013 and most recently with Legacy Asset Securities, Inc. in Houston, Texas from 2013 to 2015. Hightower is no longer registered with any brokerage firm and has been barred from acting as a broker by FINRA.

In October 2015, “Hightower consented to the sanction and to the entry of findings that he failed to respond fully to a request for documents and information made by FINRA in connection with an investigation into allegations that Hightower, while associated with a FINRA member firm, improperly referred customers to an unapproved private securities transaction. Specifically, Hightower failed to provide, among other things, a list of any customers he referred to the private securities transaction,” according to the Acceptance, Waiver & Consent document. Based on these findings, FINRA barred Hightower from acting as a broker or otherwise associating with firms that sell securities to the public.

Hightower has been the subject of two customer complaints between 2015 and 2016, according to his CRD report.

In a pending case filed in March 2016, the customer is seeking $150,000 in damages. “Claimant alleges that FA recommended the purchase of a high risk, illiquid and unsuitable unregistered security. Claimant further alleges omissions and misrepresentations regarding this recommended investment.”

In May 2015, another clamant sought $1 million in damages. “Time frame: 2009-2013 The claimants council (sp) alleges unsuitability of investments, misrepresentations and unauthorized trading in accounts.” The claims brought against UBS and Hightower included: negligent management and supervision of accounts, violation of FINRA Rule 2090, violation of FINRA Rule 2111, violation of FINRA Rule 2020, violation of FINRA Rule 2262, violation of Texas Securities Act Section 4.F, breach of contract, violation of Texas Human Recourses Code Section 102.003(b)(2), violation of Texas Deceptive Trade Practices Act Sections 17.46(b)(3) and 17.46(b)(24), breach of fiduciary duty, and violation of FINRA Rule 2010. Claimants alleged that Respondents recommended various highly speculative and unsuitable investments, including Reproductive Research Technologies and IsoSpec Technologies. The former client alleged that these investments were unsuitable given their age and financial position. The case was settled for $40,000.

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 and Legacy Asset Securities, Inc. may be liable for investment or other losses suffered by William Andrew Hightower’s customers.

Erez Law represents investors in the United States for claims against former UBS Financial Services financial advisor William Andrew Hightower, who is alleged to make recommendations for investments in unapproved private securities transactions. If you were a client of former UBS Financial Services financial advisor William Andrew Hightower or another firm, 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.