March 25, 2021 Comments Off on Ex-UBS Broker Joseph M. Whitney Charged with Money Laundering & Fraud Blog, Current Investigations, Securities Fraud

Ex-UBS Broker Joseph M. Whitney Charged with Money Laundering & Fraud

Ex-UBS Broker Joseph M. Whitney Charged with Money Laundering & Fraud, featured by top securities fraud attorneys, The White Law Group

CFP Board Suspends N.J. Advisor For Alleged Real Estate Fraud after Criminal Charges 

The Certified Financial Planner Board of Standards (CFP Board) has reportedly suspended former UBS advisor Joseph M. Whitney who was reportedly one of five people charged with conspiring to defraud investors and mortgage lenders of more than $500,000 through fraudulent real estate investments, according to Financial Advisor Mag on March 24.

Whitney, 42, of Mahwah, N.J., and three others were charged with conspiring with his wife, in the fraudulent schemes and money laundering, according to the article, citing a news release dated Feb. 5 by Gurbir S. Grewal of the New Jersey Attorney General’s Office.

According to the complaint, filed on Jan. 29, Whitney’s wife allegedly overstated her professional real estate experience and convinced two men to enter into business partnerships with her, deceiving each into investing more than $75,000 in fraudulent real estate deals. She allegedly stole the funds and directed them into bank accounts controlled by her father, her brother, and two others. They purportedly used the funds for personal expenses, the complaint said.

Joseph Whitney was reportedly charged with first-degree conspiracy.

New Jersey Bureau of Securities, in a parallel complaint,  has reportedly revoked Whitney’s registration as of January 20, 2020 for engaging in dishonest and unethical practices in the securities business. 

The CFP Board Disciplinary and Ethics Commission (DEC) issued an interim suspension order against Whitney on March 2, which became effective March 23.

According to his FINRA BrokerCheck profile, Whitney was affiliated with UBS from  January 2009 until May 2020. He worked for Wedbush Securities for less than a year before the above allegations.

Filing a Complaint against your Brokerage Firm

When brokers abuse client accounts and conduct transactions that violate securities laws, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois.

We represent investors in FINRA arbitration claims in all 50 states, including New Jersey. Our attorneys have recovered millions of dollars from many brokerage firms in the past, including UBS Financial.

If you are concerned about your investments with Joseph Whitney, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

 

 

 

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