Patrick Thomas Donohue of New York New York a stockbroker formerly employed by UBS Financial Services Inc. has been terminated on December 7, 2018 founded on the firm’s accusations that Donohue failed to make required disclosures to the firm concerning his legal affairs; conduct violative of the firm’s policies.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Donohue has been identified in seven customer initiated investment related disputes containing allegations of his misconduct while employed with Merrill Lynch Pierce Fenner Smith Incorporated and UBS Financial Services Inc. In particular, a customer initiated investment related complaint involving Donohue’s conduct was settled for $98,000.00 in damages based upon allegations that the customer’s account was churned, and trades placed in the customer’s account were neither authorized nor suitable.
Subsequently, on May 8, 2002, a customer filed an investment related complaint involving Donohue’s activities where the customer requested unspecified damages based upon accusations that the customer’s assets were inappropriately invested in equities investments, causing the customer’s principal to be exposed to unnecessary risk. Then, a customer initiated investment related arbitration claim concerning Donohue’s conduct was resolved for $75,000.00 in damages supported by allegations that while Donohue was associated with Merrill Lynch, the customer received bad advice concerning mutual funds held in the customer’s investment portfolio; and false or misleading statements had been made to the customer concerning those mutual fund products. FINRA Arbitration No. 09-03391 (Oct. 19, 2010).
On July 5, 2017, another customer filed an investment related complaint concerning Donohue’s conduct in which the customer sought $8,000.00 in damages founded on accusations that between May of 2017 and June of 2017, while Donohue was associated with UBS Financial Services, the customer’s funds were placed in municipal bonds and over-the-counter equities which conflicted with the customer’s objectives for investing and tolerance for risk.
Donohue’s registration with UBS Financial Services Inc. has been terminated as of January 4, 2019. Since December 7, 2018, Donohue has been registered with Aegis Capital Corp.
