UBS Stockbroker Sanctioned By Massachusetts Securities Division
Scott Blake Mintz of Hartford Connecticut a stockbroker currently associated with UBS Financial Services Inc. is the subject of a Consent Order issued by the Massachusetts Securities Division in which the stockbroker has been sanctioned based upon allegations of his exercise of discretion in the accounts of UBS Financial Services customers without advanced written permission from those customers or the securities broker dealer. Consent Order No. R-2019-0082 (July 11, 2019).
This is not the first time that Mintz has been sanctioned by a securities regulator based upon accusations of his misconduct in the securities industry. Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Mintz has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon findings of Mintz’s discretionary trading. Letter of Acceptance Waiver and Consent No. 2017055847401 (Mar. 28, 2019).
According to the AWC, trades were made by Mintz without him generating pre-trade confirmation from UBS Financial Services customers. The AWC stated that there were only limited circumstances in which discretionary trading was permitted by the securities broker dealer. In no circumstances did UBS Financial Services permit discretionary trading for investments housed in accounts that were part of the securities broker dealer’s Personalized Asset Consulting and Evaluation (PACE) program.
Mintz did not follow UBS Financial Services’ instructions. At least twenty-seven trades were effected by Mintz relating to PACE and non-PACE investments. At no point did Mintz have permission to effect discretionary trades in those accounts. He was never provided written authorization from customers or UBS Financial Services. The stockbroker failed to comply with National Association of Securities Dealers (NASD) Rule 2510(b) and FINRA Rule 2010 in this respect.
FINRA Public Disclosure reveals that Mintz is also referenced in a customer initiated investment related complaint which was settled for $675,000.00 in damages based upon allegations of the customer sustaining unwarranted losses on auction rate securities transactions effected by Mintz when the stockbroker was associated with UBS Financial Services.
Mintz has been registered with UBS Financial Services since June 8, 2004.