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Paul Murans: Did Ex-UBS Advisor Misrepresent Investment?
Multiple investor complaints against Indianapolis financial advisor Paul Murans (CRD# 3266607) allege that his conduct resulted in six-figure losses. Financial Industry Regulatory Authority records indicate that he is a broker and an investment advisor with Thurston Springer, having previously been registered with UBS Financial Services.
Mr. Murans’ BrokerCheck report discloses five investor complaints. The most recent, filed in November 2022, alleges that as a representative of UBS Financial Services, he misrepresented an investment in a life settlement insurance product. The pending complaint alleges damages of $242,995.
An earlier investor complaint, filed in 2017, alleged that as a UBS representative, he misrepresented and recommended an unsuitable life settlement contract and executed unauthorized trading of structured products. The complaint reached a settlement of $250,000.
A third investor complaint, filed in 2019, alleged unsuitable investment recommendations, uninvested funds, unauthorized trading, lost market opportunity, and selling away. The complaint reached a settlement of $300,000.
A fourth investor complaint, filed in 2018, alleged unsuitable investment recommendations and over-concentration of the account in leveraged exchange-traded funds. The complaint reached a settlement of $355,000.
A fifth complaint, filed in 2016, alleged unsuitable investment recommendations involving stocks and closed-end funds while he was at UBS. In 2017 the complaint reached a settlement of $75,000.
Mr. Murans’ BrokerCheck report also describes his 2017 termination from UBS Financial Services, According to a disclosure, the firm fired him for allegedly “facilitating client purchases of life-settlement products not listed on firm platform.” The disclosure describes further allegations that he failed to escalate a customer complaint, responded to that customer complaint without approval from management, and failed to disclose a customer’s investment “in an outside passive investment which had been previously approved for investment by the FA, in violation of firm policies and industry rules.”
According to the Financial Industry Regulatory Authority, Paul Murans holds 23 years of securities industry experience. Based in Indianapolis, Indiana, he has been registered as a broker and an investment advisor with Thurston Springer since 2017 and 2020, respectively. His past registrations include UBS Financial Services, Merrill Lynch, UBS Painewebber, and Midwest Discount Brokers. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; 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 Combined State Law Examination, or Series 66. He holds 25 state licenses. (Information current as of December 26, 2022.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.