December 30, 2016 Comments (0) Blog, Current Investigations, Securities Fraud

Connecticut Broker Fired for Multiple Violations

(Last Updated On: January 11, 2017)

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 is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For a free consultation with a securities attorney, please call The White Law Group at 1-888-637-5510.

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