Close Menu
Free Consultation: 305-965-1373

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 Google Plus
Contact Us For A Free Case Evaluation
Latest Blog Posts
  • Gary Pevey: Financial Advisor Suspended For 12 Months Relating to Woodbridge Notes

    Today the Financial Industry Regulatory Authority released a Letter of Acceptance, Waiver and Consent, suspending Sacramento-based financial advisor Gary Pevey...

    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...

    Read More
  • Joe Varghese: Prudential Financial Advisor Barred By Regulators

    Joe Varghese, a former Prudential financial advisor in Howard Beach, New York, has been barred for life by the Financial...

    Read More
  • Abraham Biderman: Palladium Capital Advisors Managing Director Barred

    Abraham Biderman, former Managing Director of Palladium Capital Advisors of New York, New York, was barred by FINRA as a...

    Read More
  • Previous
  • Next