• September 10, 2024
• UBS Financial Services, Inc.

Tracy Marie Longstreet (CRD#: 1768525) was a previously registered broker and investment advisor.

Broker’s History

She entered the securities industry in 2000 and previously worked with Morgan Stanley; Morgan Stanley & Co. Incorporated; and UBS Financial Services, Inc.

Allegations of Misconduct

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in June 2024, Tracy Longstreet became the subject of a customer dispute, “Time frame: 2015-2023 Allegations: Claimant alleges ongoing theft from his accounts and that his IRA beneficiaries were improperly changed to personally benefit the advisor’s family and/or friends.” The customer dispute is still pending.

Broker theft and misappropriation is a significant industry problem.  When this occurs, it is often the result of a supervisory failure on the part of the brokerage firm.  It is important to hire experienced counsel to handle theft cases to ensure that the theft is fully remediated.  Often times, brokerages attempt to shift blame onto the individual financial advisor or the customer.

For a copy of Tracy Longstreet’s FINRA BrokerCheck, click here.

We Help Investors Recover Investment Losses

FINRA Rule 2150 specifically addresses theft and conversion in a customer account, stating “no member or person associated with a member shall make improper use of a customer’s securities or funds.”  This rule includes any “guarantee” that brokers make to customers in relation to losses incurred in a brokerage account.

 

In addition, FINRA Rule 3240 strictly prohibits a financial advisor from borrowing money from a client absent from unique circumstances, such as a familial relationship between the Financial Advisor and the client.  There is also an exception if the client is a financial institution regularly engaged in the business of lending.  The reason for this prohibition is clear—borrowing money from clients creates an immediate conflict of interest and can potentially lead to theft or conversion of client assets.

 

The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at (800) 931-8452 or by email at mwolper@wolperlawfirm.com.