Investors Accuse UBS Of Unauthorized Transactions

Alex Gerardo Herrera of Coral Gables Florida a stockbroker formerly registered with UBS Financial Services Inc. is the subject of a customer initiated investment related complaint which was settled for $137,500.00 on August 19, 2019 supported by allegations that between 2013 and 2016, the customer’s funds had been relocated by Herrera without the customer’s permission.

Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Herrera has been identified in two more customer initiated investment related disputes containing accusations of his violative conduct when he was associated with UBS Financial Services Inc. Specifically, Herrera is referenced in a customer initiated investment related written complaint on May 23, 2018 in which the customer requested unspecified damages founded on allegations that between March 1, 2018 and April 17, 2018, the customer’s assets had been stolen by Herrera to effect the purchase of a vacation home.

On October 22, 2018, another customer filed an investment related arbitration claim involving Herrera’s behavior where the customer sought $7,000,000.00 in damages based upon accusations that between 2013 and 2018, the customer’s account had been traded by Herrera on a discretionary basis even though he lacked written authorization; municipal bond and equity trades benefited Herrera at the customer’s expense; and Herrera solicited the customer’s transactions to be effected away from the firm and without the firm’s permission, at which point the customer’s assets were stolen. FINRA Arbitration No. 18-03652 (Oct. 22, 2018).

FINRA Public Disclosure also reveals that Herrera has been barred from associating with any FINRA member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into him possibly selling away from UBS Financial Services and engaging in undisclosed outside business activities. Letter of Acceptance Waiver and Consent No. 2018058446601 (Aug. 8, 2018).

According to the AWC, Herrera was instructed by FINRA in May 2018 to furnish information and documentation to FINRA personnel as part of the investigation. Herrera refused to answer FINRA by a May 31, 2018 deadline. A second request made by the regulator was not answered either. Herrera’s legal counsel subsequently notified FINRA that Herrera was not going to participate in its investigation. FINRA found Herrera’s lack of cooperation violative of FINRA Rules 2010 and 8210.

Herrera’s registration with UBS Financial Services Inc. was terminated on May 4, 2018.