Mark Horan, of Florham Park, New Jersey, a stockbroker formerly registered with UBS Financial Services, Inc., is the subject of a customer initiated investment related arbitration claim, which settled on October 28, 2015, for $350,000.00 in damages based upon allegations that Horan effected an unauthorized over-the-counter equity transaction for the customer. The customer indicated that Horan claimed that the private placement was approved of and would be monitored by the firm, despite the private placement not having been authorized by UBS Financial Services, Inc.
Horan has also been fined $15,000.00 and suspended for eighteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2011028535501 (May 1, 2014). According to the AWC, Horan helped six customers of UBS and another non-UBS customer make an estimated $2,440,000.00 in collective contributions in the preferred stock of BC – an entity that UBS neither knew about nor approved for purposes of Horan’s trading. Evidently, BC provided common stock purchase warrants in return for Horan’s efforts, which allowed him to buy twenty thousand BioChemics common stock purchases at a share price of $15.00. Consequently, FINRA found that Horan’s conduct was violative of FINRA Rule 2010 and NASD Conduct Rule 3040.
From December 2, 2016, to February 28, 2017, Horan was registered with Oberon Securities, LLC.
Guiliano Law Group
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