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.

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.