Paul Steven Wishingrad of Beverly Hills California a stockbroker formerly 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 he effected unauthorized trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2017054919301 (Dec. 27, 2018).
According to the AWC, between November 1, 2015 and November 30, 2016, during the time that Wishingrad had been registered with UBS Financial Services, Wishingrad exercised discretionary authority in customer accounts. Evidently, Wishingrad placed trades in four UBS Financial Services customer accounts even though those customers had not provided Wishingrad with any written consent.
The AWC additionally stated that the firm did not authorize Wishingrad’s activities because of the accounts not having been accepted by the firm as discretionary. Specifically, the AWC stated the firm disallowed its brokers from engaging in discretionary trading in customer accounts. Critically, Wishingrad had reportedly been warned by the firm not to place trades on a discretionary basis; however, Wishingrad failed to abide by the firm’s mandates and warnings. Consequently, FINRA found that Wishingrad’s conduct was violative of FINRA Rule 2010 and NASD Rule 2510(b).
FINRA Public Disclosure additionally reveals that Wishingrad is the subject of a customer initiated investment related arbitration claim which settled for $39,500.00 in damages supported by allegations that between 2010 and 2015: Wishingrad effected unauthorized mutual fund trades in the customer’s account; Wishingrad misrepresented the terms and conditions of an investment strategy to be used with the customer’s funds; Wishingrad negligently handled the customer’s investment account; and Wishingrad failed to correspond with the customer in regard to the securities transactions in the customer’s account. FINRA Arbitration No. 17-01202 (Apr. 18, 2018).
Wishingrad has been employed by UBS Financial Services Inc. since May 29, 2009.
