Steven Douglas Wood of Warren New Jersey a stockbroker formerly employed by UBS Financial Services Inc. has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to pay a $301,432.00 Arbitration Award after being found liable for defrauding a customer. FINRA Case 17-01095 (Nov. 2, 2018).
FINRA Public Disclosure reveals that Wood was named in a customer initiated investment related arbitration claim where the customer was awarded $301,423.00 in damages based upon Wood being found liable on the customer’s claims of Wood breaching a contractual duty to the customer; committing negligence; violating New Jersey Securities Act; violating FINRA Rules; making misrepresentations to the customer; breaching a fiduciary duty to the customer; effecting unsuitable transactions in the customer’s account; and defrauding the customer.
FINRA Public Disclosure confirms that Wood has been identified in two additional customer initiated investment related disputes pertaining to accusations of Wood’s violative conduct while employed with Merrill Lynch. Specifically, on August 14, 1998, a customer initiated investment related complaint concerning Wood’s activities was resolved for $29,750.00 in damages supported by allegations that Wood executed unsuitable investments in the customer’s account retirement account. Thereafter, on August 19, 1999, a customer filed an investment related complaint involving Wood’s activities in which the customer sought $20,000.00 in damages founded on accusations that the customer’s instructions were disregarded and misrepresentations had been made to the customer concerning over-the-counter equities.
Wood’s registration with UBS Financial Services Inc. has been terminated as of May 26, 2017.
