Jeffrey Carter Smith Suspended and Fined in Connection with Unauthorized Transactions in Customer Accounts
Jeffrey Carter Smith, a financial professional formerly registered with UBS Financial Services, Inc., was sanctioned by securities regulators in connection with claims that Smith made hundreds of unauthorized transactions. Smith was suspended from the securities industry for nine months and fined $10,000 by the Financial Industry Regulatory Authority (FINRA).
Smith serviced three separate Uniform Gifts to Minors accounts controlled by a single customer that were held for the benefit of the customer’s children, according to FINRA. The accounts primarily held “blue chip” stocks, such as General Electric, McDonald’s Corp., and Microsoft and were not discretionary accounts, according to the regulators.
Smith was unable to reach the parent who controlled the accounts for a period of time and took it upon himself to execute hundreds of transactions in the three accounts, despite the fact that the accounts were not discretionary accounts, according to FINRA.
Smith consented to the suspension and fine without denying or admitting FINRA’s factual findings.
The Peiffer Rosca securities attorneys often represent investors who lose money as a result of Ponzi schemes, investment fraud, or stockbroker misconduct. They are currently investigating the possibility of assisting victims with the recovery of their losses. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment fraud or misconduct may contact the securities lawyers at Peiffer Rosca, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.