Kristopher B. Smith, of Fargo, North Dakota, a stockbroker formerly registered with UBS Financial Services Inc., has been terminated on May 26, 2010, supported by allegations that Smith violated the firm’s policies by effecting unauthorized trading in customer accounts.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Smith was fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity. Letter of Acceptance, Waiver and Consent, No. 2014040996801 (Feb. 29, 2016).
According to the AWC, between April of 2013 and March of 2014, discretion was exercised by Smith to place several hundred securities transactions in seven customers’ accounts. Apparently, the firm disallowed Smith from exercising discretion in customer accounts, and continued to effect unauthorized transactions even after his firm told him to stop doing so. FINRA found that Smith’s conduct was violative of FINRA Rule 2010 and NASD Conduct Rule 2510(b).
Smith is the subject of a customer initiated investment related arbitration claim on October 26, 2016, in which the customer sought $600,000.00 in damages supported by allegations that the customer’s account was poorly managed in reference to municipal-debt transactions effected in the customer’s account.
Guiliano Law Group
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