DAVID FAGENSON Suspended with 11 Complaints
David Fagenson, previously with UBS Financial Services, Suspended Eight Months from Securities Industry
Have you lost money with financial advisor David Fagenson? We are investigation allegations made about David H. Fagenson from Palm Beach, Florida. FINRA (the Financial Industry Regulatory Authority) suspended Fagenson from the securities industry for eight months. FINRA was investigating David Fagenson, a broker who previously worked with UBS Financial Services and Newbridge Securities, regarding allegations that Fagenson engaged in excessive trading or churning between January 2012 and September 2016. FINRA alleged that three of Fagenson’s customers had cost-to-equity ratios over 31%. To put this in perspective, if an account had a cost equity ratio of 31%, that means the trading in the account would have to make a 31% profit just to break even from the costs of trading.
David Fagenson was a financial advisor and registered representative of UBS Financial Services from September 2010 to October 2016. Fagenson was also affiliated with Newbridge Securities from December 2016 to November 2018. David Fagenson has also been the subject of 11 customer complaints, and he was previously the subject of an action by the Florida Office of Financial Regulation in 2011.
Brokerage firms like UBS Financial Services have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including Florida. Attorney David Neuman is licensed to practice law in Florida, and we also have teamed up with a law firm in Palm Beach, Florida to work jointly on these cases. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including against UBS Financial Services.
Click to view: Fagenson, David FINRA AWC
Click to view: Fagenson, David BrokerCheck 11.26.18
If you lost money with David Fagenson, UBS Financial Services, or Newbridge Securities, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.
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