October 20, 2021
A 31-year trade veteran who had been main a three-advisor crew in Sandusky, Ohio was terminated final month from UBS Wealth Administration USA after the wirehouse mentioned he violated its insurance policies concerning exterior enterprise exercise, in accordance with regulatory filings.
Patrick R. Murray, who had been with UBS since 2009, was discharged for stepping past the scope of the agency’s approval letter for his exterior enterprise “by ensuring funding suggestions and receiving commissions on the account,” in accordance with his Central Registration Depository (CRD) report, maintained by state securities regulators.
The dealer, who was terminated on Sept. 16, had been disciplined previously for an outdoor enterprise activity-related difficulty, the disclosure on his report famous. He was additionally present in violation of agency procedures by “having sure preparations in place for the comfort of relations,” the ‘Snapshot’ report continued. It didn’t present element concerning the preparations.
The termination displays the continued compliance sensitivity at main brokerage companies who together with regulators have stepped up their enforcement of outside business activities in the course of the distant work period, in accordance with compliance officers.
A UBS spokesman declined to touch upon the matter and wouldn’t affirm which exterior enterprise of Murray’s was at difficulty. He additionally declined to substantiate the shopper belongings managed by Murray’s former crew, North Coast Wealth Administration Group, which had been pegged at about $800 million as of the departure last year of another advisor for Kestra Non-public Wealth Providers.
Murray, who had been a senior vice chairman at UBS and isn’t at the moment registered as a dealer or funding adviser, didn’t reply a name at a publicly-listed quantity, nor did he reply to requests for remark despatched by way of social media.
Of the 5 exterior enterprise actions disclosed on Murray’s file, 4 have been board member or trustee positions for native and/or charitable organizations. The fifth was his function as proprietor of a Port Clinton, Ohio-based enterprise known as Integrity Salt LLC, involving the acquisition and sale of bulk supplies. The beginning date for his involvement was Sept. 20, 2018.
Murray entered the brokerage trade in 1990 with Tucker Anthony Inc., moved the following 12 months to UBS predecessor McDonald investments and in 2000 to Citigroup’s Smith Barney earlier than becoming a member of UBS, in accordance with his BrokerCheck.
Two of 5 shopper disputes on his file have been settled whereas the opposite three have been closed with no motion, denied or withdrawn. The newest grievance, from 2014, settled for lower than half of $107,000 in damages requested over alleged unsuitable closed-end fund investments in a shopper’s account. Murray in his dealer remark denied the allegations and mentioned he was not named as a respondent and that the shopper was not in search of any damages from him.
Within the older settled declare, from 2001, McDonald Investments paid $15,000 on a $74,992 on an extreme buying and selling declare. Murray in his remark mentioned the agency had discovered the allegations to be with out benefit however made a “good religion supply” to settle.