According to reports, UBS Financial Services Inc. discharged top broker Phil Fiore Jr., for not keeping his employer informed of outside business activities, even while he was under heightened supervision.
Phil Fiore Jr. of Stamford, Conn., was allegedly fired at the end of November for violating UBS policies, including not disclosing an unpaid directorship at a not-for profit entity affiliated with a client; not seeking approval to operate a charity golf tournament; and not seeking firm approval to make blog posts, according to his FINRA BrokerCheck report. He also allegedly failed to disclose to UBS that a new client had made an investment in Fiore’s outside business, according to BrokerCheck.
Fiore was a senior vice president and part of the FDG Institutional Consulting Group, as well as one of the top-ranked advisers in Connecticut, according to Barron Magazine’s 2015 rankings. Fiore was a senior vice president and part of the FDG Institutional Consulting Group, as well as one of the top-ranked advisers in Connecticut. The group purportedly had $8 billion in client assets in 2015, according to Barron’s.
According to FINRA, Fiore was registered with UBS since 2009. Before that, he worked for Merrill Lynch. Fiore has seven disclosure events on his BrokerCheck report. Five of those are customer complaints. Allegations include misrepresentation, excessive, unauthorized, and unsuitable trading.
Fiore was reportedly put on heightened supervision last year, as a condition stipulated by the Massachusetts Securities Division, after UBS sought to register him as a broker there. FINRA also suspended him for thirty days and fined him $5,000 for allegedly engaging in outside business activities.
The foregoing information, which is all publicly available, is being provided by The White Law Group. The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.
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For more information on the firm please visit www.whitesecuritieslaw.com.Tags: Phil Fiore Jr, Phil Fiore Jr class action, Phil Fiore Jr complaints, Phil Fiore Jr FINRA, Phil Fiore Jr fired, Phil Fiore Jr investigation, Phil Fiore Jr lawsuit, Phil Fiore Jr losses, Phil Fiore Jr Massachusetts Securities division, Phil Fiore Jr suspended, Phil UBS Last modified: January 11, 2017