FINRA Bars UBS Financial Services Broker David Fagenson

Investor Alert! FINRA discloses troubling information about securities broker David Fagenson [CRD#: 1652012, Boca Raton, Florida]. Not only has FINRA barred Fagenson for failing to comply with its requests, but at least 11 clients took issue with the securities broker, who worked for Newbridge Securities Corporation between 2016 and 2019. In sum, these disclosures suggest that Fagenson is hiding something from FINRA and that he made unsuitable transactions causing clients’ losses. Here’s more on the barred broker:

FINRA Bars David Fagenson For Failing To Respond To Request For Information

Evidently, on November 18, 2019, FINRA barred David Fagenson because he did not reply to FINRA’s request for information. Apparently, FINRA suspended him in November 2019 because of this lack of compliance. It appears that Fagenson did not request a termination of his suspension within three months of FINRA’s suspension notice. Notably, Fagenson cannot associate with any FINRA member while barred.

FINRA Sanctions Fagenson For Unsuitable Trading

Previously, on November 21, 2018, FINRA issued an Acceptance, Waiver and Consent (“AWC”) sanctioning David Fagenson for violating Rules 2111 and 2010. Allegedly, Fagenson made an unreasonably high number of trades in three clients’ accounts. FINRA says that these clients did what Fagenson recommended and allowed him to control their accounts. Also, the AWC contains findings of Fagenson causing a client $283,000 in losses and charging the client $260,00 in commissions or markups. It appears that Fagenson caused the other clients’ $239,000 in losses and charged them $210,000 in commissions or markups. Notably, FINRA pointed out that Fagenson’s trading was excessive and unreasonable because of the clients’ ages and risk tolerances.

UBS Client Suggests That David Fagenson Charged Excessive Commissions

Apparently, a customer of UBS brought a dispute over Fagenson’s trading from 2012 to 2016. It seems that Fagenson promised the client a certain fee or rate on securities transactions. However, the securities broker allegedly “completely overcharged” the client for trades he made in the client’s UBS account. Because of this, the client demanded $100,000 in compensation.

Fagenson Allegedly Makes Unauthorized Trades In UBS Client’s Account

Evidently, on October 16, 2018, a client of UBS contested David Fagenson’s actions by filing FINRA Arbitration #: 17-02278 on July 28, 2017. Allegedly, Fagenson traded without authorization. Not only that, but the securities broker also failed to act on the client’s instructions regarding stop loss orders. Consequently, UBS settled this matter on July 28, 2017 through paying the client $26,250.

Losses From UBS Broker David Fagenson?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses because of unauthorized or excessive trades by broker David Fagenson? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Fagenson and their brokerage firms.