- August 10, 2018
- UBS Financial Services, Inc.
The Wolper Law Firm, P.A. is currently investigating claims against Alex Herrera, a former Financial Advisor at UBS Financial Services in Coral Cables, Florida (Miami). Alex Herrera has been in the securities industry since 1999 and previously worked for HSBC Securities and Atlas One Financial Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on August 8, 2018, Alex Herrera was barred by FINRA after he “refused to provide information requested by FIRNA in connection with its investigation of his possible participation in unreported outside business activities and private securities transactions.” This alleged misconduct is known as “selling away.”
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
For a full copy of FINRA’s sanction, click https://www.finra.org/sites/default/files/fda_documents/2018058446601%20Alex%20G.%20Herrera%20CRD%203204779%20AWC%20jm.pdf
This is not Alex Herrera’s first regulatory event. In 2014, he was sanctioned by the Florida Department of Financial Services for failing to comply with is continuing education requirement. In addition, in May 2018, a customer filed a complaint, alleging that “the financial advisor stole her client’s money to buy a vacation home.”
If you or someone you know was a customer of Alex Herrera and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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.