A UBS financial advisor is suing the firm claiming retaliation for his whistleblowing to the SEC, according to news reports.
Mark Mohan says in a pro se lawsuit that UBS began retaliating against him after he had filed complaints in 2015 and 2016 accusing the firm of failing to provide securities ratings by its research analysts and securities coverage status in a timely fashion, FA-IQ sister publication FundFire writes.
In an April 2017 amended version of the complaint, Mohan says the failures led to investment advisors buying certain securities without material information, and that UBS didn’t adequately supervise advisors in determining securities on the firm’s restricted list, according to the publication. These actions were in violation of the Sarbanes Oxley Act of 2002, according to Mohan, FundFire writes.
Mohan, who’s still employed by UBS, according to BrokerCheck, also says he was “financially harmed by not commencing his disability leave in April of 2016 in accordance with the letter from his doctor because of statements made by his manager,” according to the publication. Mohan allegedly suffered from lumbar disk issues but was dissuaded by his manager from claiming short-term disability at first, only filing for benefits in July that year, FundFire writes, citing Mohan’s lawsuit.
Mohan claims that because of the manager’s advice, he received reduced disability payments, according to the publication.
Mohan claims he began feeling discriminated against in January 2017, and in July of that year he filed discrimination and retaliation complaints with the Occupational Safety and Health Administration, the U.S. Equal Employment Opportunity Commission and the Connecticut Commission on Human Rights and Opportunities, FundFire writes.
A UBS spokesman tells the publication in an email that the firm still finds Mohan’s claims meritless and plans to defend itself.
The Department of Labor has yet to issue an administrative decision on the broker’s Sarbanes-Oxley complaint, FundFire writes.
Mohan is also suing Aetna Life Insurance Company, which administered UBS’s benefits, according to the publication. Aetna and Mohan intend to resolve the lawsuit in mediation on June 4, according to court filings cited by FundFire.
Richard Celler, managing partner of Celler Legal, tells the publication that Mohan’s lawsuit against UBS would not be allowed to stand in federal court, which he says is “typical with pro se complaints – everything gets thrown into documents.”
“This is just all over the place,” Celler tells FundFire.