Audrey Helmstetter, a branch service associate for UBS Financial Services, was permanently barred from association with any Financial Industry Regulatory Authority member in any capacity after consenting to findings that she converted a customer’s funds. Letter of Acceptance, Waiver, and Consent No. 2014042389701 (May 5, 2015).
According to the AWC, Helmstetter was a non FINRA-registered branch member for UBS’s New Orleans, Louisiana office from July 22, 1999 – July 30, 2014. The AWC stated that Helmstetter, while at work, received a check for $31,199, where the payee was a business that did not have an account at the branch. Upon Helmstetter discovering the mistakenly delivered check, she deposited the check into a business account that was owned by Helmstetter’s son.
Financial Industry Regulatory Authority found that Helmstetter’s conduct in converting the customers funds was violative of Rule 2010 (a rule which requires high standards of commercial honor and just and equitable principles of trade).
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Securities brokerage firms have a duty to supervise their brokers and the sales practices of their brokers, and to review customer statements for, among other things, evidence of suitability, unauthorized trading, or excessive activity.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.