The Financial Industry Regulatory Authority says it has fined and suspended a former UBS financial advisor who allegedly didn’t inform the firm about his company trading in rock salt.
Patrick Reid Murray, who began his financial services industry career in 1989, joined UBS in 2009, according to a letter of acceptance, waiver and consent published by the industry’s self-regulator.
In February 2020, UBS disclosed in a filing that Murray had violated its policy on outside business activity, Finra says. In October last year, UBS discharged Murray, stating in his Form U5 termination notice that an internal review “determined that he exceeded the approved scope of an outside business activity,” according to the letter of acceptance.
Finra alleges that from March 2018 to January 2019, Murray earned around $78,704 from activity related to a company called Integrity Salt, which he had established with two other unidentified individuals to buy and sell rock salt, without providing prior written notice to UBS.
Murray allegedly made unspecified “capital contributions” to Integrity and wired more than $1 million to at least one vendor directly from his personal account on behalf of the firm, according to the letter of acceptance.
Last week, Murray consented to a one-month suspension and to pay a $5,000 fine without admitting or denying the findings, Finra says.
Since his departure from UBS last year, Murray has not registered with another firm, according to BrokerCheck and the Securities and Exchange Commission’s Investment Advisor Public Disclosure database.
AdvisorHub first reported on the award.
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