Guy Stanley Waltman of Princeton New Jersey a stockbroker currently employed by UBS Financial Services Inc. has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Waltman failed to disclose his trading of a customer’s accounts at an outside firm. Letter of Acceptance Waiver and Consent No. 2016050191701 (Feb. 15, 2019).
According to the AWC, FINRA launched an investigation into Waltman’s activities following receipt of a complaint dated July 2016 that alleged Waltman to have engaged in misconduct with a vulnerable individual, MBM. Apparently, Waltman provided assistance to MBM concerning the customer’s financial affairs. A few years later, after MBM received an inheritance from the estate of her late mother, Waltman aided the customer in establishing outside brokerage accounts.
Additionally, Waltman was designated as MBM’s attorney-in-fact, and named trustee on MBM’s trust. Consequently, the AWC stated that Waltman maintained the power to control the customer’s financial affairs. Evidently, from 2010 to 2016, Waltman maintained control over five brokerage accounts owned by MBM or a trust established for MBM’s benefit. Evidently, Waltman never informed the firm about him being appointed as attorney-in-fact and trustee by MBM; conduct violative of the firm’s policies.
Apparently, the firm’s procedures also mandated that Waltman disclose any outside accounts that Waltman had control over – that included the accounts owned by MBM and the trust. Apparently, Waltman never informed UBS Financial Services that Waltman exercised discretion in the outside accounts. Indeed, the AWC stated that Waltman had reportedly made affirmations to the firm regarding discretionary trading where he omitted those accounts. FINRA stated that Waltman’s lack of disclosure of those accounts precluded the firm from being able to adequately supervise Waltman’s activities, which in turn prevented the firm from meeting regulatory requirements.
The AWC stated that Waltman also failed to document with the outside brokerage firms that Waltman maintained an association with UBS Financial Services. Rather, Waltman purportedly falsely labeled himself as an attorney on one of the brokerage firm’s documentation. In the customer account documentation furnished to the other brokerage firm, Waltman falsely claimed to be retired. FINRA found Waltman’s conduct violative of FINRA Rules 2010 and NASD Rule 3050(c).
FINRA Public Disclosure additionally confirms that on August 12, 2007, a customer filed an investment related complaint regarding Waltman’s activities where the customer requested more than $5,000.00 in estimated damages supported by accusations that while associated with UBS Financial Services, he made trades in the customer’s account without the customer’s consent.
Waltman has been registered with UBS Financial Services Inc. since May 19, 2006.
