David Alan Lavine, of Houston, Texas, a stockbroker formerly registered with UBS Financial Services Inc., has been fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his failure to confirm with FINRA staff that he was compliant with a settlement agreement or customer initiated investment related arbitration award. Letter No. 14-03770 (Aug. 8, 2016).
In 2015, Lavine was barred from associating with any FINRA member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into allegations that he engaged in private securities transactions and outside business activities which were beyond the terms previously approved by his employer. Letter of Acceptance, Waiver and Consent, No. 2014043027001 (Jan. 20, 2015).
According to the AWC, Lavine was asked by FINRA staff to provide information and documentation in reference to the allegations of his wrongdoing; however, Lavine failed to provide FINRA with a response by the deadline imposed. Lavine reportedly confirmed via his attorney that the information and documentation would at no point be provided by Lavine to FINRA staff. Consequently, FINRA found Lavine’s conduct to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally reveals that on June 2, 2009, a customer initiated investment related complaint involving Lavine’s conduct was settled for $25,000.00 in damages based upon allegations that Lavine, while associated with Morgan Stanley, was responsible for the customer’s losses pertaining to auction rate securities transactions. Lavine has also been named in a customer initiated investment related complaint, which settled on October 20, 2016, for $30,157.38 in damages based upon allegations that he placed trades in the customer’s investment account without the customer’s consent.
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