David Howard Fagenson, of Palm Beach, Florida, a stockbroker formerly registered with UBS Financial Services Inc., has been named in a customer initiated investment related written complaint on September 26, 2016, based upon allegations that from 2013 to 2016, Fagenson effected unauthorized trades in the customer’s account and failed to abide by the customer’s instructions to place stop orders on the customer’s equity investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Fagenson has been identified in eight additional customer initiated investment related disputes containing allegations of Fagenson’s misconduct while employed with Merrill Lynch, Pierce, Fenner & Smith Inc., UBS Financial Services, Inc., and Morgan Stanley DW Inc. Particularly, on November 22, 2002, a customer initiated investment related civil action involving Fagenson’s conduct was settled for $30,000.00 in damages based upon allegations that Fagenson breached his fiduciary duties and was negligent by omitting information concerning the customer’s spouse’s alleged forgery and unauthorized withdrawals.
On October 18, 2001, a customer initiated investment related complaint regarding Fagenson’s activities was settled for $14,500.00 in damages based upon allegations that Fagenson failed to abide by the customer’s instructions concerning stock investments. Subsequently, on August 18, 2002, a customer initiated investment related written complaint regarding Fagenson’s activities was resolved for $11,847.09 in damages based upon allegations that Fagenson made misrepresentations to the customer concerning the assessment of annual fees in the customer’s fee based account.
Further, on February 19, 2013, a customer initiated investment related arbitration claim involving Fagenson’s conduct was settled for $20,000.00 in damages based upon allegations that Fagenson made unsuitable investment recommendations, misrepresentations concerning risk and fees of investments, and effected trades in the customer’s account on an excessive basis. On March 4, 2013, another customer initiated investment related arbitration claim regarding Fagenson’s activities was resolved for $112,500.00 in damages based upon allegations that Fagenson effected trades in the customer’s account on an excessive and unsuitable basis, placed trades in the customer’s account without authorization, and made misrepresentations concerning corporate debt investments.
On September 30, 2013, a customer initiated investment related arbitration claim involving Fagenson’s conduct was settled for $35,000.00 in damages based upon allegations that Fagenson effected transactions in the customer’s account which the customer did not authorize, made unsuitable investment recommendations to the customer, and omitted facts concerning closed end funds.
On September 26, 2016, UBS Financial Services, Inc. terminated Fagenson based upon allegations that he violated his firm’s procedures and polices pertaining to exercising price and time based discretion in customer accounts, and trading preferred shares on a short-term basis in customer accounts. Since December 7, 2016, Fagenson has been registered with Newbridge Securities Corporation.
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