Phil Fiore Jr., of Stamford, Connecticut, a stockbroker registered with UBS Financial Services Inc., has been terminated from employment on November 30, 2016, based upon allegations that he failed to abide by his firm’s procedures, including: the operation of a golf tournament without approval; communications with the public without the firm’s authorization; and Fiore’s lack of disclosure regarding a customer’s investment in the outside business activities of Fiore. Fiore was under heightened supervision by the firm at the time of his termination.
Prior to his termination, Fiore was sanctioned by the State of Massachusetts Securities Division based upon allegations that five customer initiated investment related disputes were filed against him from 1995 through 2013, based upon allegations including unsuitable and unauthorized trading, churning, and misrepresentation. Case No. R-2015-0172 (Dec. 4, 2015). The Division additionally noted that Fiore was fined and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity. Case No. R-2015-0172 (Dec. 4, 2015).
Apparently, Fiore consented to FINRA’s findings that while associated with Merrill Lynch, Pierce, Fenner & Smiths., Inc., he partook in outside business activities without informing his firm, in which his conduct included, inter alia, the facilitation of an $800,000.00 investment by a firm customer into an electrical business which Fiore provided consulting services for. Letter of Acceptance, Waiver and Consent, No. 2012033348001 (May 11, 2015). FINRA found Fiore’s conduct to be violative of NASD Conduct Rules 2110 and 3030.
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