FINRA Sanctions UBS Stockbroker For Unauthorized Trading

Richard John Denecker Jr. (also known as Dick Denecker) of Richmond Virginia a stockbroker currently registered with UBS Financial Services has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that Denecker engaged in unauthorized trading in customer accounts at UBS. Letter of Acceptance Waiver and Consent No. 2019063061701 (Aug. 12, 2020).

According to the AWC, between December 10, 2018 and December 11, 2018, 32 trades had been executed by Denecker in customer accounts without him generating pre-trade confirmation from the customers. The AWC stated Denecker effected the trades so that the securities broker dealer’s account fee would be covered. None of the 32 customers provided written consent or authorization for Denecker’s trades. The customers did not know about the trades when they had been executed. FINRA determined that Denecker’s unauthorized trading constituted the violation of FINRA Rules 2010.

Denecker has been identified in two additional customer initiated investment related disputes concerning allegations of his wrongdoing. FINRA Public Disclosure reveals that a customer filed an investment related written complaint concerning Denecker’s conduct where the customer sought more than $5,000.00 in estimated damages supported by accusations that misrepresentations had been made to the customer and that a covered call trade facilitated in the customer’s account by the stockbroker had failed to be suitable. The claim also alleges that the customer’s instructions had been disregarded.

Another customer filed an investment related complaint pertaining to Denecker in which the customer requested $3,940,000.00 in damages based upon allegations that unsuitable trades had been executed in the customer’s account that generated losses for the customer.

Denecker has been registered as a stockbroker and investment advisor representative with UBS since June 22, 2017.