Paul William Murans (also known as Peace Murans) a stockbroker formerly employed by UBS Financial Services Inc. has been discharged by the firm on October 10, 2017 founded on accusations that Murans (1) failed to apprise the firm about being subject of a customer compliant (2) executed unapproved life-settlement transactions away from the firm and (3) failed to conform to the firm’s procedures and policies relating to investments held by customers away from the firm.
This is not the first time that Murans has been terminated by a brokerage firm based upon allegations of Murans’ outside activities. Particularly, on March 11, 2011, Murans was terminated from Merrill Lynch supported by accusations that Murans committed in an infraction of company policy by engaging in outside business activities which had not been properly disclosed.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Murans is referenced in three more customer initiated investment related disputes pertaining to allegations of his misconduct while employed with UBS Financial Services Inc. Specifically, on August 1, 2017, a customer initiated investment related arbitration claim involving Murans’ conduct was settled for $75,000.00 in damages founded on accusations that between 2011 and 2016, investment recommendations had been made to the customer that were not suitable given the customer’s tolerance for risk and objectives for investing. FINRA Arbitration No. 16-02128 (Aug. 1, 2017).
Then, a customer filed an investment related arbitration claim concerning Murans’ conduct where the customer sought $700,000.00 in damages based upon allegations that the customers’ assets had been unsuitably concentrated in leveraged exchange traded funds, unit investment trusts and energy-sector securities; and UBS Financial Services failed to Murans’ activities. FINRA Arbitration No. 18-00599 (Mar. 29, 2018).
Moreover, on May 16, 2018, a customer filed an investment related complaint involving Murans’ activities in which the customer requested $183,000.00 in damages supported by accusations that transactions were placed in the customer’s account that were neither authorized nor suitable.
Murans has been registered with Thurston Springer Financial as of October 23, 2017.
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