FINRA Fines, Suspends UBS Financial Broker SCOTT MINTZ For Discretionary Trading

The Financial Industry Regulatory Authority (“FINRA”) just issued UBS Financial Services Inc. broker Scott Blake Mintz (CRD#: 4783179, Hartford, Connecticut) a suspension and required Mintz to pay a $5,000.00 fine for alleging making discretionary trades in the accounts of UBS Financial Services investors. FINRA reported that Mintz submitted a Letter of Acceptance, Waiver and Consent on March 3, 2019, which FINRA accepted on March 28, 2019. The AWC stated that Mintz violated NASD Rule 2510(b) and FINRA Rule 2010.

FINRA Finds Scott Mintz Violated NASD And FINRA Rules Regarding Discretionary Trading

Under NASD Rule 2510(b), brokers are not allowed to exercise discretion in investor accounts without written authorization. Notably, customers and brokerage firms are required under Rule 2510(b) to approve of discretionary trading in writing for it to be allowed.

Apparently, UBS Financial Services did not authorize brokers to exercise discretion in accounts held under the firm’s Personalized Asset Consulting and Evaluation Program. Supposedly, Mintz disregarded the firm’s prohibition. Specifically, between February 2016 and June 2017, Mintz made discretionary trades in UBS Financial Services investor accounts twenty-seven times.

Scott Mintz Makes Trades In PACE Accounts Despite UBS Financial Services’ Prohibition

The AWC mentioned that Mintz made the trades involving investments in UBS Financial Services’ PACE program. Supposedly, Mintz failed to request UBS Financial Services’ approval for those trades. Also, FINRA mentioned that UBS Financial Services did not grant Mintz approval to make discretionary trades. Not only that, but customers did not give permission to Mintz to exercise discretion in their brokerage accounts.

Evidently, FINRA learned about Mintz’s bad trading practices in October 2017. Supposedly, the firm notified FINRA that it took disciplinary action against Mintz for engaging in discretionary trading.

Customer Files Complaint Involving UBS Financial Services, Scott Mintz

Mintz’s FINRA BrokerCheck Report shows that at least one customer disputed his sales practices. Supposedly, on May 1, 2008, a customer brought a complaint to UBS Financial Services’ attention. Allegedly, Mintz sold the customer bad auction rate securities. Those investments evidently lost considerable value when the ARS market experienced illiquidity. Because of this, UBS Financial Services paid the customer $675,000.00 in damages to resolve the matter.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

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