Ronald D. Broadstone, of New Albany, Ohio, a stockbroker formerly registered with UBS Financial Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to comply with a FINRA investigation request concerning allegations of Broadstone misappropriating customer funds. Letter of Acceptance, Waiver and Consent, No. 2017052707101 (Apr. 26, 2017).
On March 21, 2017, Broadstone was reportedly terminated by UBS Financial Services Inc. based upon allegations that he failed to be forthright in the firm’s review of his activities. UBS alleged that Broadstone committed firm policy violations in reference to entering customer orders and handling of customer complaints, and failed as trustee to act in the interests of a trust’s beneficiaries.
The AWC revealed that in April of 2017, an investigation was launched by FINRA into whether Broadstone had settled customer complaints away from UBS Financial Services, effected trades in customer accounts without authorization and misappropriated the assets of customers. Apparently, on April 18, 2017, Broadstone provided recorded testimony before FINRA, based on Rule 8210. Evidently; however, Broadstone declined to provide FINRA staff with a response to their questions. At one point, FINRA staff has been informed by Broadstone’s counsel that Broadstone would not be cooperating further. Apparently, without answering any more of FINRA’s questions, Broadstone departed. FINRA found Broadstone’s refusal to cooperate to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that on September 6, 2012, a customer initiated investment related arbitration claim involving Broadstone’s conduct was settled for $90,000.00 in damages based upon allegations that Broadstone made unsuitable recommendations to the customer concerning equity investments, and mismanaged the customer’s account. Subsequently, on December 6, 2016, a customer initiated investment related written complaint regarding Broadstone’s activities was resolved for $18,848.31 in damages based upon allegations that Broadstone effected unauthorized trades and distributions from the customer’s account.
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