A disciplinary action taken by the Financial Industry Regulatory Authority against former Dublin, Ohio broker and investment advisor Sam Aziz...Read More
Paul Wishingrad: Beverly Hills UBS Financial Advisor Suspended
Paul Wishingrad, a Beverly Hills-based financial advisor for UBS Financial Services, has been suspended for 15 days and fined $5,000 by the Financial Industry Regulatory Authority (FINRA), which is the regulatory body that oversees financial advisors and brokerage firms. This comes approximately 19 months after a $39,500 settlement was paid to a former client of Wishingrad’s after the client alleged that he “mishandled and ignored her account, made misrepresentations regarding investment strategy and allocation, committed unauthorized trading and failed to adequately communicate with her.” That client was seeking $72,755 in damages.
According to FINRA, Wishingrad was suspended because “from November 1, 2015 through November 30, 2016, Wishingrad exercised discretion without written authorization in the accounts of four customers, in violation of NASD Rule 2510(b) and FINRA Rule 2010.” However, according to FINRA records, “the customers had given Wishingrad express or implied authority to exercise discretion in their accounts,” but “none of the customers had provided written authorization for Wishingrad to exercise discretion.” In other words, Wishingrad needed to have the authorization in writing and failed to do so.
Wishingrad has been in the securities industry since 1984, and previously worked for other firms, including Citigroup, Credit Suisse, Donaldson, Lufkin & Jenrette, CIBC Oppenheimer, and Kidder, Peabody & Co. Until 2017, it appears that he had a clean regulatory record.