FINRA Fines UBS and Vanguard Over Insufficient Broker Violation Reporting

Representing Investors Nationwide


The Financial Industry Regulatory Authority (FINRA) fined UBS Financial Services Inc. $500,000 this week, for failing to report liens or civil judgments for as many as 100 brokers between 2010 and 2013. FINRA also fined The Vanguard Group Inc. $350,000 for similar reporting deficiencies for approximately 80 brokers between 2011 and 2013.  The fines, totaling $850,000, are intended to send the message that FINRA member firms need to be more diligent about disclosing their brokers' bankruptcies, civil judgments and other violations to securities regulators. 

FINRA guidelines require firms to report customer complaints, regulatory actions, criminal charges as well as other legal actions within 30 days after learning about them. Most of those actions are available to the investing public on BrokerCheck, a valuable tool when selecting a financial advisor.


If you have lost money due to the malfeasance of your broker, please contact the experience securities fraud attorneys at Colling Gilbert Wright & Carter for a free case evaluation.