Wirehouse UBS and two of its brokers are on the hook for $125,000 to two investors who had claimed breach of fiduciary duty, among other infractions, according to an arbitration award document published by Finra.
A Finra arbitration panel ruled in favor of Roger and Jamie Brown, who had also accused the wirehouse and brokers Samuel Boyce Rankin and George Mason Rankin of negligent misrepresentation, professional negligence and fraud — all tied to “unspecified securities,” the industry’s self-regulator says in the award document.
But the $125,000 awarded in compensatory damages was far less than the Browns had sought. In their original claim, the investors wanted close to $600,000 in compensatory damages and a further $250,000 in punitive damages, plus interest, according to Finra.
The arbitration panel denied the brokers’ requests that the matter be expunged from their records, the regulator says.
George Rankin joined the financial services industry in 2001 and came to UBS in 2009, according to BrokerCheck.
Aside from the dispute at the center of the recent award, he has no disclosures on his record.
Samuel Rankin, meanwhile, came to the industry back in 1975 and also joined UBS in 2009, according to his BrokerCheck profile.
He has seven other customer disputes on his record, dating back to 2000; three of the disputes were denied, three settled and one pending, according to BrokerCheck.