Finra bars ex-Goldman Sachs banker after expense report issues
Goldman had discharged Jared Ailstock in 2019 after he faced allegations of inaccurate business expenses reimbursement reports. Finra barred Ailstock for not appearing to testify in its investigation of the matter, according to the order.
April 9, 2021
A former Goldman Sachs banker was barred by the Financial Industry Regulatory Authority Inc. yesterday after he failed to cooperate in an investigation.
Earlier, in 2019, Goldman had “discharged,” meaning fired, the banker, Jared Ailstock, after he faced allegations of inaccurate business expenses reimbursement reports, according to his Finra BrokerCheck profile.
Finra barred Ailstock for not appearing to testify in its investigation of the matter, according to the order. The industry self-regulator makes inquiries when a registered rep is terminated from a firm.
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UBS loses $371,000 claim linked to options strategy
UBS has been hit with a rash of arbitration claims over strategies investors say damaged them, and most recently it saw a wave of investor complaints over Puerto Rico bonds and bond funds.
April 8, 2021 2 MINS
UBS Financial Services Inc. lost a $371,000 legal claim last week to clients who invested in an options strategy internally marketed at the firm as the Yield Enhancement Strategy.
It was the ninth such investor arbitration claim heard by a panel under the aegis of the Financial Industry Regulatory Authority Inc., with UBS winning six, meaning investors received no money, and claimants, or customers, winning three, according to an industry executive who asked not to be named.
Purshe Kaplan racks up $1.6 million settlement
Since 2017, the firm has been on the hook for $16 million in legal settlements and restitution to clients, with the lion s share stemming from one broker s sale of alternative investments to a Native American tribe in Michigan.
April 5, 2021 2 MINS
For the third year in a row, Purshe Kaplan Sterling Investments Inc., a boutique broker-dealer that works with brokers leaving Wall Street to set up their own registered investment advisers, is paying a steep award to clients who sued the firm.
Purshe Kaplan struck a $1.6 million settlement with 50 clients on March 1 who had sued the firm in arbitration run by the Financial Industry Regulatory Authority Inc., according to the company’s annual audited financial statement, known as a Focus report, which it filed last Thursday with the Securities and Exchange Commission.