FINRA fined and suspended Paul Steven Wishingrad for using discretion in customer accounts held at UBS Financial Services in Beverly Hills, CA without authorization, and after reportedly being warned by the firm not to do so. Wishingrad's BrokerCheck file contains a settled dispute that alleged, amongst others, unauthorized trading.
The findings state that from November 2015 through 2016, Wishingrad (CRD #1311357) exercised discretion in four customers' accounts at UBS without written authority and without the firm having accepted the accounts as discretionary. The findings also the customers gave Wishingrad express or "implied" authority to exercise discretion in their accounts.
According to FINRA's report, not only did UBS' written supervisory procedures prohibit representatives from exercising discretion, the firm had explicitly warned Wishingrad in the past not to make trades on a discretionary basis.
In 2017, a settled customer dispute alleged that Wishingrad made misrepresentations, executed unauthorized trades of mutual funds, and failed to adequately communicate with his customer.
Following this complaint and despite UBS' direct instruction and warning not to use discretion, Wishingrad allegedly did so anyway. He remains registered with UBS Financial Services of Beverly Hills, CA.
Wishingrad's suspension commences on February 4, 2019, and will end on February 25, 2019.
If you have invested with UBS Financial broker Paul Steven Wishingrad or with any financial adviser whose unauthorized trading activity, such as illicit use of discretion in contravention of firm policy or without authorization has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for investigation and consultation.