Guy Waltman: UBS Broker Suspended by FINRA

A disciplinary action taken by the Financial Industry Regulatory Authority against Princeton, New Jersey broker Guy Waltman (CRD# 1540766) suspended him over allegations he failed to disclose to his member firm that he had investment control over a customer’s accounts at other broker-dealers. A representative of UBS Financial Services, Waltman was fined $5,000 and suspended for three months.

According to a Letter of Acceptance, Waiver and Consent (No. 2016050191701) dated February 2019, Guy Waltman held “investment control over five securities accounts” for a customer and her trust between 2010 and 2016. According to FINRA, he met the customer about 25 years ago and began “assisting… with her financial affairs” in 2006. Upon the 2009 death of the customer’s mother and her inheritance of “a large sum of money,” Waltman referred her to an attorney who assisted the customer in the establishment of brokerage accounts for the inheritance at a FINRA firm. Then, in 2010, she appointed him as a trustee of a trust on her behalf, as well as her attorney-in-fact whose responsibilities included the management of her finances. FINRA states that he did not inform his firm, UBS Financial Services, that he was acting as her power of attorney and trustee, in violation of the firm’s policies.

FINRA’s findings go on to state that Guy Waltman “routinely certified that he understood” firm policies requiring that representatives disclose outside accounts over which they have investment control. In spite of his discretionary authority over these accounts, according to FINRA, he “did not disclose them to UBS,” including on annual affirmations “on which he should have disclosed the accounts.” FINRA states that his failure to disclose the accounts “prevented UBS from properly supervising” the outside accounts, which exposed UBS to risk and obstructed its ability to meet regulatory requirements. FINRA’s findings also state that Waltman did not inform the outside firms of his association with UBS, for instance on account-opening documents for the customer’s trust which listed his employment status as “not employed.” FINRA’s findings state that these activities constituted violations of FINRA Rule 2010 and NASD Rule 3050(c).

As a result of the foregoing alleged conduct, Guy Waltman was suspended from associating with any FINRA member firm in any and all capacities for three months. He was also ordered to pay a fine of $5,000.

Guy Waltman has been registered with UBS Financial Services in Princeton, New Jersey since 2006. His employment history includes Credit Suisse Securities, Credit Suisse Asset Management Securities, and Donaldson Lufkin & Jenrette Securities Corporation. He currently holds ten state licenses and has passed three securities industry qualification examinations.