UBS to pay ex-broker $381,000 in spat over loan

A Finra arbitration panel has awarded former UBS broker Wilson Dennis Colberg-Trigo $1.236 million in compensatory damages in a dispute involving his termination from the firm, but also ordered the broker to pay the firm $854,157 to settle the note. The arbitrators offset the two sums, saying UBS must pay Mr. Colberg-Trigo $381,570.23. According to the award statement issued by the Financial Industry Regulatory Authority Inc., UBS charged that Mr. Colberg-Trigo did not repay four promissory notes after he resigned from the firm's San Juan, Puerto Rico, office in 2014. In his claim, Mr. Colberg-Trigo requested compensatory damages for the "mental pain and anguish associated with his alleged illegal termination" and an unspecified amount in punitive damages. The panel denied Mr. Colberg-Trigo's tort claims and ordered that each party pay its own costs for the arbitration. Mr. Colberg-Trigo began his securities career at Merrill Lynch in 1984 and joined UBS three years later. Since 2015, he has been with Herbert J. Sims & Co. in Guaynabo, Puerto Rico.