Finra bars former UBS rep for failure to provide information

Finra bars former UBS rep for failure to provide information
Regulator was investigating Alex Herrera's real estate deals with clients
AUG 08, 2018

The Financial Industry Regulatory Authority Inc. has barred former UBS representative Alex Herrera for failing to provide information it requested in an investigation of his conduct. Mr. Herrera, who resigned from UBS in April after six years with the firm, had been under review at the firm "after advising management he had engaged in financial and real estate relationships with longstanding clients without prior approval," according to his BrokerCheck record. The record also shows that in May, an attorney for one of Mr. Herrera's clients alleged that the adviser "stole her money to buy a vacation home." Mr. Herrera is not currently employed in the securities industry. He began his career in 1999 at MML Investors and worked at three firms before joining UBS in 2012.

Latest News

The hidden cost of growing a firm without intention
The hidden cost of growing a firm without intention

To build a truly self-sustaining practice, enterprising advisors have to start with a vision of what they want to be – and accept the realities that come with building toward it.

Waverly, Apella buy $412M in RIA assets across Oregon, Northeast
Waverly, Apella buy $412M in RIA assets across Oregon, Northeast

Serial acquirers add a 35-year-old Oregon wealth manager and a New York practice focused on women navigating life transitions.

&Partners taps two UBS leaders to run its private wealth business
&Partners taps two UBS leaders to run its private wealth business

Mara Glassel and Julie Fox will co-lead the fast-growing hybrid RIA’s ultra-high-net-worth and private wealth businesses.

Citi sees Q3 profit jump as wealth unit books record $38B in net new assets
Citi sees Q3 profit jump as wealth unit books record $38B in net new assets

The banking giant's wealth arm extends its revenue streak as it pushes to exit consent orders weighing on growth since 2020.

Retirement plan defaults leave key participant decisions unresolved
Retirement plan defaults leave key participant decisions unresolved

New Allspring research finds 401(k) participants want guidance on income and rollovers, not just portfolio automation.

SPONSORED Built on insurance experience to deliver on long-term promises

Knighthead Life entered the market with a competitive MYGA. A strong launch earned advisor confidence and paved the way for FIAs.

SPONSORED In the Age of AI, Trust Becomes the Advisor's Greatest Asset

As AI makes financial information more accessible than ever, Lana Hock explains why human judgment, trust, and empathy remain the qualities clients value most in a financial advisor