David Sanford James, of Century City, California, a stockbroker formerly registered with UBS Financial Services Inc., has been named in a customer initiated investment related written complaint on November 18, 2016, based upon allegations that James, from January of 2016 to August of 2016, breached his fiduciary duties and overcharged the customer in reference to the customer’s managed wrap account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that James has been named in five additional customer initiated investment related disputes containing allegations of James’ misconduct while employed with CIBC World Markets Corp. and UBS Financial Services Inc. Specifically, on August 4, 2000, a customer filed an investment related written complaint involving James’ conduct, in which the customer requested $17,139.00 in damages based upon allegations that James effected unauthorized sales of the customer’s Corporate Vision equity holdings.
Subsequently, on August 26, 2016, a customer filed an investment related written complaint involving James’s conduct, based upon allegations that in August of 2016, James effected unsuitable and unauthorized transactions in the customer’s managed wrap account. On September 21, 2016, another customer initiated investment related written complaint regarding James’ activities was resolved for $14,656.70 in damages based upon allegations that he failed to execute upon the customer’s instructions to purchase direct investment products.
Moreover, on January 11, 2017, a customer initiated investment related complaint regarding James’ activities was resolved for $54,421.00 in damages based upon allegations that he overconcentrated the customer’s assets in hedge funds, and failed to disclose fees charged in the customer’s account.
James was terminated by UBS Financial Services Inc. on August 18, 2016, based upon allegations that he drafted and transmitted to customers unauthorized documents containing customized account performance data, and violated his firm’s policies concerning the handling of customer complaints.
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