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Paul Wishingrad: UBS Advisor Suspended Over Discretion Allegations

A disciplinary action taken by the Financial Industry Regulatory Authority against Beverly Hills, California broker and investment advisor Paul Wishingrad (CRD# 1311357) suspended him over allegations he improperly exercised discretionary authority in customer accounts. A representative of UBS Financial Services, Wishingrad was suspended for 15 days and fined $5,000.

According to a Letter of Acceptance, Waiver and Consent (No. 2017054919301) dated January 2019, Paul Wishingrad executed discretionary trades in the accounts of four customers between November 1, 2015 and November 30, 2016. FINRA’s findings state that in these instances he did not receive the customers’ prior written authorization to exercise discretion in their accounts, which his member firm, UBS Financial Services, had not accepted as discretionary. The customers had provided him with “express or implied authority to exercise discretion in their accounts,” according to FINRA, but had not given him written authorization, as NASD Rule 2510(b) requires. FINRA’s findings also note that UBS Financial Services’ written supervisory procedures stated that representatives could not exercise discretion, and further that the firm had “previously warned Wishingrad not to do so.” FINRA found his activities to constitute violations of FINRA Rule 2510(b) as well as Rule 2010, which concerns standards of commercial honor. As a result of the foregoing alleged conduct, he was suspended from associating in any and all capacities with any FINRA member firm for 15 business days. He was also ordered to pay a fine of $5,000.

Paul Wishingrad’s disclosure records also list one customer complaint against him. Filed in 2017, it alleged that as a representative of UBS Financial Services he “mishandled and ignored” the customer’s account, misrepresented the investment strategy and allocation, effected unauthorized trades, and “failed to adequately communicate” with the customer. The complaint reached a settlement of $39,500.

Paul Wishingrad has been registered with UBS Financial Services in Beverly Hills, California since 2009. His employment history includes Citigroup Global Markets, Credit Suisse First Boston, Donaldson Lufkin & Jenrette Securities Corporation, CIBC Oppenheimer Corporation, and Kidder Peabody & Company. He currently holds eleven state licenses and has passed five securities industry qualification examinations.

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