According to Fagenson’s FINRA BrokerCheck report, FINRA suspended the Florida-based broker in November 2018. FINRA suspended Fagenson after he entered into an Acceptance, Waiver & Consent (AWC) that found Fagenson engaged in excessive and unsuitable trading in three (3) senior customer brokerage accounts while employed by UBS Financial Services Inc.
The findings stated, according to the AWC, that Fagenson exercised de facto control over these elder customer brokerage accounts. FINRA found that one (1) senior customer’s brokerage account lost approximately $283,000.00 while generating over $260,000 in commissions and markups for himself and UBS Financial Services. This elderly customer was 95 years old. The other two (2) elder customers’ brokerage accounts lost approximately $239,000 while generating more than $210,000 in commissions and markups.
David Fagenson’s FINRA BrokerCheck Disclosures
Fagenson’s suspension was his second in 2018, the first coming in September 2018, also by FINRA, for failing to comply with an arbitration award or settlement or satisfactorily respond to a FINRA request for information.
Fagenson’s suspension stems from misconduct at his previous firm, UBS Financial Services. In September 2016, UBS Financial Services discharged Fagenson after a review revealed that he violated firm policy concerning discretionary trading, among other things, while he was on heightened supervision.
Fagenson’s FINRA BrokerCheck report shows additional complaints with similar allegations of misconduct. Fagenson has had eight (8) FINRA arbitration complaints settle, with many of them alleging unsuitable recommendations, unauthorized trading, and/or excessive trading (churning). Fagenson currently has two (2) FINRA arbitrations complaints pending, according to his FINRA BrokerCheck report.
Fagenson was most recently based out of the Boca Raton, Florida branch of Newbridge Securities Corporation and has been registered with the firm since December 2016. Prior to Newbridge Securities Corporation, Fagenson was employed by UBS Financial Services from September 2010 to October 2016. Fagenson was employed at the Palm Beach, Florida location of UBS Financial Services. Fagenson is registered to sell securities in California, New York, and Florida. Fagenson’s suspension ends in August 2019.
Contact Silver Law Group if You’ve Invested with David Fagenson and UBS Financial Services and/or Newbridge Securities Corporation
If you are a California, Florida or New York investor who has invested with David Fagenson and UBS Financial Services and/or Newbridge Securities Corporation, you may have a claim to recover some or all of your investment. Contact our firm today to see how we can try to recover your losses. If we don’t recover money for you, you owe us nothing.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. Scott Silver is the chairman of the Securities and Financial Fraud Group of the American Association of Justice and represents investors nationwide in securities investment fraud cases. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.