Alfred William Valz, of Manasquan, New Jersey, a stockbroker formerly registered with UBS Financial Services Inc., has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member firm in any capacity based upon consenting to findings that Valz placed unauthorized trades in the accounts of customers. Letter of Acceptance, Waiver and Consent, No. 2016049833301 (Jan. 3, 2017).
According to the AWC, from April 23, 2015 to May 14, 2015, while Valz was registered with UBS Financial Services Inc., he effected three transactions in the account of a UBS customer. The AWC revealed that the customer never authorized Valz to effect the transactions in the customer’s account, even though discussions had occurred between them regarding an investment strategy. The AWC additionally indicated that the accounts had not been deemed by UBS as approved for purposes of discretionary trading. Consequently, FINRA found that Valz’s conduct was violative of FINRA Rule 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that Valz has been identified in four customer disputes concerning allegations of his misconduct. Particularly, on October 21, 1993, three customer initiated investment related arbitration claims concerning Valz’s conduct were settled for a total of $124,179.00 in damages based upon allegations that Valz effected unauthorized limited partnership transactions in the customers’ accounts.
Additionally, on December 11, 1998, another customer filed an investment related arbitration action pertaining to Valz’s conduct, in which the customer alleged losses of $50,000.00 based upon allegations that Valz effected unauthorized and unsuitable trades in the customer’s account, did not follow the customer’s instructions, and churned the customer’s account.
Valz’s registration with UBS Financial Services Inc. was terminated on May 20, 2016. Since May 12, 2016, he has been registered with National Securities Corporation.
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