The South Florida-based Soreide Law Group (888-760-6552) obtained the following information from FINRA’s website under, “Disciplinary and Other FINRA Actions, July 2016.”
James P. Scullin (CRD #1577362, Miami, Florida)
was assessed a deferred fine of $15,000 and suspended by FINRA for nine months for allegedly placing an unauthorized trade in a client’s account.
FINRA’s findings stated that Scullin did not have discretionary authority for any of the client’s accounts, yet allegedly Scullin placed the trade of over $5 million without informing the individuals with authority to place trades in the account or sought their authorization. Scullin concealed the unauthorized trading activity when one of the individual’s with authority over the account questioned the trading activity in the account.
Also, FINRA stated that when Scullin’s member firm questioned him about the trade, he initially concealed the fact that it was unauthorized, but later admitted to the firm that the trade was not authorized. The firm later reversed the trade.
The suspension is in effect from June 6, 2016, through March 5, 2017.
(FINRA Case #2014043554601)
According to a FINRA report, James P. Scullin’s employment with UBS was terminated when the firm learned that he traded in an undisclosed commodities account outside the firm, exercised discretion without written authorization, and entered an unauthorized trade.
James P. Scullin was registered for 4 years with the following firms:
06/2011 - 11/2014 UBS FINANCIAL SERVICES INC. - CORAL GABLES, FL
10/1986 - 03/1988 MOSELEY SECURITIES CORPORATION
If you've suffered losses due to the recommendations of your broker, or you were a client of former UBS broker, James P. Scullin, contact the Florida-based Soreide Law Group for a no-cost consultation with a lawyer regarding the possible recovery of your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee.
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