UBS Financial Services (UBS) has terminated the employment of Connecticut broker Phil Fiore Jr. The broker-dealer says that even while Fiore was under heightened supervision he did not tell the firm about his outside business activities.
UBS contends that he violated firm policies, such as not disclosing that he was serving as an unpaid director for a not-for-profit entity affiliate, along with a client, as well as not obtaining internal approval to create blog posts, failing to obtain approval to run a charity golf tournament, and not disclosing that a new client had invested in his outside business.
Fiore, who was let go in November, had been a top UBS broker and was rated as a leading adviser in Connecticut. He’d worked at UBS since 2009 and was a senior VP. Previously, he’d been employed with Merrill Lynch.
Fiore’s BrokerCheck report lists seven disclosure events, five of which are customer complaints. One of the complaints led to an award for the client.
Fiore was placed on stringent supervision in 2016 after the Massachusetts Securities Division stipulated this condition in the wake of UBS wanting to register him as a broker in that state. Earlier this year, the Financial Industry Regulatory Authority suspended Fiore and ordered him to pay a $5K fine for his external business activities and for serving as an electrical utility company’s business consultant without notifying Merrill Lynch, where he worked at the time, in writing. He also purportedly made arrangements for a Merrill Lynch customer to lend the utility company $800K. He was then given shares of stock in the company.
At Shepherd Smith Edwards and Kantas, LTD LLP, our broker fraud law firm is investigating claims involving Fiore. If you were a client of Fiore’s while he worked at UBS or Merrill Lynch and you believe that your investment losses may be due to his negligence when managing your accounts, contact one of our securities lawyers and ask for your free, no obligation, case consultation.
UBS Fires Top Stamford Executive Phil Fiore, The Trust Advisor, January 2, 2017
UBS Fires Top Connecticut Broker Phil Fiore Jr. for Multiple Violations, InvestmentNews, December 28, 2016