Tracy Marie Longstreet (also known as Tracy Marie Sorth), of Houston, Texas, a stockbroker registered with UBS Financial Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Longstreet refused to provide documents and information requested by FINRA regarding a customer complaint. Letter of Acceptance, Waiver, and Consent No. 2024082383001 (September 11, 2024).
FINRA Rule 8210 gives FINRA the authority to ask stockbrokers and securities broker dealers for information during an investigation. If a stockbroker or securities broker dealer doesn’t cooperate by providing the requested information, it is considered a violation of this rule that can lead to an expulsion.
According to the AWC, the investigation into Longstreet was triggered after a customer claimed that Longstreet had improperly changed the beneficiaries on their IRA account to benefit her family or friends. As part of the investigation, on August 9, 2024, FINRA sent Longstreet a formal request for documents and information, under FINRA Rule 8210.
Longstreet did not comply with this request and, through her attorney, informed FINRA on August 29, 2024, that she would not provide the required documents or information at any point. By refusing to cooperate, Longstreet violated FINRA Rules 8210 and 2010.
FINRA Public Disclosure also shows that on June 6, 2024, a customer filed an investment related complaint involving Longstreet’s conduct in which the customer requested between $1,000,000.00 and $5,000,000.00 in damages based upon alleged theft and unauthorized changes to IRA beneficiary designations during the time that Longstreet was associated with UBS Financial Services Inc.
Longstreet was associated with UBS Financial Services Inc. in Houston, Texas, from January 8, 2009, to May 7, 2024.
