After years of appealing the arbitrators’ decision, UBS finally pays. The appeals of the original arbitration award increased the amount UBS had to pay by a reported $3 million.
According to AdvisorHub, in his arbitration complaint filed in June 2018, the compliance officer alleged UBS defamed him on his U5 termination filing, which accused him of failing to supervise employees executing uncovered options strategy in accounts and of giving “varied responses” during the firm’s review of his activities.
Termination for “varied responses” is apparently the new UBS excuse for an unwarranted termination. They “interview” the target on multiple occasions, and when the responses aren’t identical, they terminate the target for giving “varied responses.”
Not a good look for a major brokerage firm.
Our original post on the case – https://www.seclaw.com/ubs-keeps-losing-its-attempt-to-vacate-11-mln-finra-award/
Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.