Close Menu
Free Consultation: 888-976-6111

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.

Facebook Twitter LinkedIn
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Jose Cornide of UBS Complaints Regarding Options Overlay Strategy

    Pending complaints against UBS Financial Services broker and investment advisor Jose Cornide (CRD# 2785918) allege the Coral Gables, Florida-based representative...

    Read More
  • NFL Agent & 7X Pro Bowl Client Lost $1.2 Million Investing With Fraudster

    NFL agent Vincent (Vince) Taylor of Elite Loyalty Sports and his client, who appears to be 7x Pro Bowl Washington...

    Read More
  • Dennis Mehringer: FINRA Bars Pasadena Financial Advisor

    A disciplinary action taken by the Financial Industry Regulatory Authority against former Pasadena, California broker and investment advisor Dennis Mehringer...

    Read More
  • Mariondy Fernandez: Complaints Against Dorchester Financial Advisor

    Settled and pending investor complaints against former Dorchester, Massachusetts broker Mariondy Fernandez (CRD#: 2391134) allege conduct including fraud, breach of...

    Read More
  • Previous
  • Next