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Fired UBS Top Producer Registers with Indie B-D

May 15, 2019

A top UBS broker the firm dismissed in April over allegations of various violations of firm policy has set up his own practice, according to news reports.

UBS fired Craig Findley — who ran a $6 billion three-state team at UBS — for violations “including, but not limited to, those involving training, outside activities and reporting of business travel,” according to AdvisorHub.

Last week, Findley registered with the broker-dealer Purshe Kaplan Sterling Investments, according to Finra’s BrokerCheck, and also registered Findley Advisors as an affiliate of PKS Advisory Services, the broker-dealer’s RIA, according to the SEC’s Investment Adviser Public Disclosure records, the industry news website writes.

Findley also added a comment about his dismissal that suggests it took him by surprise, according to AdvisorHub.

“I acknowledge that I violated firm policy when I failed to advice (sic) management that my assistant had taken a training module for me. However, I did not intentionally violate firm policy nor was I ever warned, put on heightened supervision or subject to any type of progressive discipline for this action,” he wrote on his BrokerCheck record, according to the website.

A person familiar with Findley’s situation tells AdvisorHub that Findley didn’t direct his assistant to go into the training module but didn’t inform compliance when he learned about it.

Two UBS sales managers intervened on his behalf but UBS’s compliance department told them the firm could otherwise face litigation from brokers dismissed for similar violations, the person tells the website.

As for the “outside activities” mentioned by UBS — which Findley didn’t address in his BrokerCheck comment — the source tells AdvisorHub that it was over his delay in informing compliance about a pizza venture investment that may have also involved clients. And “reporting of business travel” violations were likely due to “logging” errors in chartering private planes, which Findley did often, rather than false claims, the source tells the website.

Findley didn’t respond to AdvisorHub’s request for comment.

By Alex Padalka
  • To read the AdvisorHub article cited in this story, click here.