Jeff Carlton: UBS Fires Melville Advisor over ETF Allegations

Melville, New York financial advisor Jeff Carlton (CRD# 1132967) was recently fired by UBS Financial Services in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he is currently registered as a broker and an investment advisor with Aegis Capital Corporation.

Mr. Carlton’s BrokerCheck report discloses his termination from UBS Financial Services. Filed in December 2023, the disclosure states that he as fired in connection with allegations that he violated firm rules “by soliciting leveraged ETFs and mismarking trades as unsolicited.” In a statement included with the firing’s disclosure, he pushed back against the allegations. “I deny all allegations of wrongdoing,” he wrote. “I followed all policies, procedures, and rules as well as customer instructions.”

A press release issued by Aegis Capital in January 2024 states that Mr. Carlton joined the firm as a Managing Director. “Jeff has extensive experience in the financial services industry and managed in excess of $350 million in client assets,” it states. “Jeff strives to provide stellar service while offering best in class products and comprehensive strategies to help clients achieve their financial goals.”

Mr. Carlton’s BrokerCheck report also discloses several investor complaints. The most recent, filed in 2017, alleged that as a UBS Financial Services representative, he implemented an ETF trading strategy that the clients “had issues regarding.” The complaint reached a settlement of $657,998.24.

An earlier investor complaint, filed in 2016, alleged that as a UBS representative, he “recommended unsuitable and concentrated positions in the energy sector.” In 2017 the complaint reached a settlement of $295,000.

A third investor complaint, filed in 2015, similarly alleged that he recommended unsuitable and concentrated positions in mutual funds, ETFs, and equities. In 2017 the complaint reached a settlement of $575,000.

According to the Financial Industry Regulatory Authority, Jeff Carlton holds 40 years of securities industry experience. Based in Melville, New York, he has been a broker and an investment advisor with Aegis Capital since December 2023. His past registrations include UBS Financial Services, Citigroup Global Markets, Lehman Brothers, Dean Witter Reynolds, Wheat First Securities, and San Diego Securities. His credentials include the passage of six securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in the District of Columbia, Florida, and Texas. (Information current as of January 21, 2024.)

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