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BrokerCheck Report
DAVID HOWARD FAGENSON
Section Title
Report Summary
Broker Qualifications
Registration and Employment History
Disclosure Events
CRD# 1652012
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2 - 3
5
6
Page(s)
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About BrokerCheck®
BrokerCheck offers information on all current, and many former, registered securities brokers, and all current and formerregistered securities firms. FINRA strongly encourages investors to use BrokerCheck to check the background ofsecurities brokers and brokerage firms before deciding to conduct, or continue to conduct, business with them.
· What is included in a BrokerCheck report?· BrokerCheck reports for individual brokers include information such as employment history, professional
qualifications, disciplinary actions, criminal convictions, civil judgments and arbitration awards. BrokerCheckreports for brokerage firms include information on a firm’s profile, history, and operations, as well as many of thesame disclosure events mentioned above.
· Please note that the information contained in a BrokerCheck report may include pending actions orallegations that may be contested, unresolved or unproven. In the end, these actions or allegations may beresolved in favor of the broker or brokerage firm, or concluded through a negotiated settlement with no admissionor finding of wrongdoing.
· Where did this information come from?· The information contained in BrokerCheck comes from FINRA’s Central Registration Depository, or
CRD® and is a combination of: o information FINRA and/or the Securities and Exchange Commission (SEC) require brokers and
brokerage firms to submit as part of the registration and licensing process, and o information that regulators report regarding disciplinary actions or allegations against firms or brokers.
· How current is this information?· Generally, active brokerage firms and brokers are required to update their professional and disciplinary
information in CRD within 30 days. Under most circumstances, information reported by brokerage firms, brokersand regulators is available in BrokerCheck the next business day.
· What if I want to check the background of an investment adviser firm or investment adviserrepresentative?
· To check the background of an investment adviser firm or representative, you can search for the firm orindividual in BrokerCheck. If your search is successful, click on the link provided to view the available licensingand registration information in the SEC's Investment Adviser Public Disclosure (IAPD) website athttps://www.adviserinfo.sec.gov. In the alternative, you may search the IAPD website directly or contact your statesecurities regulator at http://www.finra.org/Investors/ToolsCalculators/BrokerCheck/P455414.
· Are there other resources I can use to check the background of investment professionals?· FINRA recommends that you learn as much as possible about an investment professional before deciding
to work with them. Your state securities regulator can help you research brokers and investment adviserrepresentatives doing business in your state.
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brokercheck.finra.org
DAVID H. FAGENSON
CRD# 1652012
This broker is not currently registered.
Report Summary for this Broker
This report summary provides an overview of the broker's professional background and conduct. Additionalinformation can be found in the detailed report.
Disclosure Events
All individuals registered to sell securities or provideinvestment advice are required to disclose customercomplaints and arbitrations, regulatory actions,employment terminations, bankruptcy filings, andcriminal or civil judicial proceedings.
Are there events disclosed about this broker? Yes
The following types of disclosures have beenreported:
Type Count
Regulatory Event 5
Criminal 1
Customer Dispute 11
Termination 1
Financial 1
Investment Adviser RepresentativeInformation
https://www.adviserinfo.sec.gov
The information below represents the individual'srecord as a broker. For details on this individual'srecord as an investment adviser representative,visit the SEC's Investment Adviser PublicDisclosure website at
Broker Qualifications
This broker is not currently registered.
This broker has passed:
0 Principal/Supervisory Exams
2 General Industry/Product Exams
1 State Securities Law Exam
Registration History
This broker was previously registered with thefollowing securities firm(s):
NEWBRIDGE SECURITIES CORPORATIONCRD# 104065BOCA RATON, FL12/2016 - 01/2019
B
UBS FINANCIAL SERVICES INC.CRD# 8174PALM BEACH, FL09/2010 - 10/2016
B
MERRILL LYNCH, PIERCE, FENNER &SMITH INCORPORATEDCRD# 7691WEST PALM BEACH, FL08/2002 - 09/2010
B
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Broker Qualifications
Registrations
This section provides the self-regulatory organizations (SROs) and U.S. states/territories the broker is currently registered and licensed with, thecategory of each license, and the date on which it became effective. This section also provides, for every brokerage firm with which the broker iscurrently employed, the address of each branch where the broker works.
This broker is not currently registered.
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Broker Qualifications
Industry Exams this Broker has Passed
This individual has passed 0 principal/supervisory exams, 2 general industry/product exams, and 1 state securities law exam.
This section includes all securities industry exams that the broker has passed. Under limited circumstances, a broker may attain a registrationafter receiving an exam waiver based on exams the broker has passed and/or qualifying work experience. Any exam waivers that the broker hasreceived are not included below.
Exam Category Date
Principal/Supervisory Exams
No information reported.
Exam Category Date
General Industry/Product Exams
Securities Industry Essentials Examination 10/01/2018SIEB
General Securities Representative Examination 04/25/1987Series 7B
Exam Category Date
State Securities Law Exams
Uniform Securities Agent State Law Examination 05/06/1987Series 63B
Additional information about the above exams or other exams FINRA administers to brokers and other securities professionals can be found atwww.finra.org/brokerqualifications/registeredrep/.
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Broker Qualifications
Professional Designations
This section details that the representative has reported 0 professional designation(s).
No information reported.
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Registration and Employment History
Registration History
Registration Dates Firm Name CRD# Branch Location
The broker previously was registered with the following firms:
B 12/2016 - 01/2019 NEWBRIDGE SECURITIES CORPORATION 104065 BOCA RATON, FL
B 09/2010 - 10/2016 UBS FINANCIAL SERVICES INC. 8174 PALM BEACH, FL
B 08/2002 - 09/2010 MERRILL LYNCH, PIERCE, FENNER &SMITH INCORPORATED
7691 WEST PALM BEACH, FL
B 09/1999 - 09/2002 MORGAN STANLEY DW INC. 7556 PURCHASE, NY
B 12/1992 - 10/1999 PAINEWEBBER INCORPORATED 8174 WEEHAWKEN, NJ
B 11/1992 - 12/1992 PAINEWEBBER INCORPORATED 8174
B 11/1990 - 11/1992 PRUDENTIAL SECURITIES INCORPORATED 7471 NEW YORK, NY
B 04/1987 - 11/1990 KIDDER, PEABODY & CO. INCORPORATED 7613 NEW YORK, NY
Employment History
Employment Employer Name Investment RelatedPosition Employer Location
This section provides up to 10 years of an individual broker's employment history as reported by the individual broker on the most recently filedForm U4.
Please note that the broker is required to provide this information only while registered with FINRA or a national securities exchangeand the information is not updated via Form U4 after the broker ceases to be registered. Therefore, an employment end date of"Present" may not reflect the broker's current employment status.
12/2016 - Present Newbridge Securities registeredrepresentative
Y Boca Raton, FL, UnitedStates
09/2010 - 09/2016 UBS FINANCIAL SERVICES INC FINANCIAL ADVISOR Y PALM BEACH, FL, UnitedStates
Other Business Activities
This section includes information, if any, as provided by the broker regarding other business activities the broker is currently engaged in either asa proprietor, partner, officer, director, employee, trustee, agent or otherwise. This section does not include non-investment related activity that isexclusively charitable, civic, religious or fraternal and is recognized as tax exempt.
DHF WOODWORKING: CRAFTSMAN, BUILD AND REPAIR FURNITURE, SOLE PROPRIETORSHIP.
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Disclosure Events
What you should know about reported disclosure events:
1. All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations,regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings.
2. Certain thresholds must be met before an event is reported to CRD, for example: o A law enforcement agency must file formal charges before a broker is required to disclose a particular criminal event. o A customer dispute must involve allegations that a broker engaged in activity that violates certain rules or conduct governing the
industry and that the activity resulted in damages of at least $5,000. o
3. Disclosure events in BrokerCheck reports come from different sources: o As mentioned at the beginning of this report, information contained in BrokerCheck comes from brokers, brokerage firms and
regulators. When more than one of these sources reports information for the same disclosure event, all versions of the event willappear in the BrokerCheck report. The different versions will be separated by a solid line with the reporting source labeled.
o4. There are different statuses and dispositions for disclosure events:
o A disclosure event may have a status of pending, on appeal, or final.§ A "pending" event involves allegations that have not been proven or formally adjudicated.§ An event that is "on appeal" involves allegations that have been adjudicated but are currently being appealed.§ A "final" event has been concluded and its resolution is not subject to change.
o A final event generally has a disposition of adjudicated, settled or otherwise resolved.§ An "adjudicated" matter includes a disposition by (1) a court of law in a criminal or civil matter, or (2) an administrative
panel in an action brought by a regulator that is contested by the party charged with some alleged wrongdoing.§ A "settled" matter generally involves an agreement by the parties to resolve the matter. Please note that brokers and
brokerage firms may choose to settle customer disputes or regulatory matters for business or other reasons.§ A "resolved" matter usually involves no payment to the customer and no finding of wrongdoing on the part of the
individual broker. Such matters generally involve customer disputes.
For your convenience, below is a matrix of the number and status of disclosure events involving this broker. Further informationregarding these events can be found in the subsequent pages of this report. You also may wish to contact the broker to obtain furtherinformation regarding these events.
Final On AppealPending
Regulatory Event 0 5 0
Criminal 0 1 0
Customer Dispute 1 10 N/A
Termination N/A 1 N/A
Financial 0 1 N/A
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Disclosure Event Details
When evaluating this information, please keep in mind that a discloure event may be pending or involve allegations that are contested and havenot been resolved or proven. The matter may, in the end, be withdrawn, dismissed, resolved in favor of the broker, or concluded through anegotiated settlement for certain business reasons (e.g., to maintain customer relationships or to limit the litigation costs associated with disputingthe allegations) with no admission or finding of wrongdoing.
This report provides the information exactly as it was reported to CRD and therefore some of the specific data fields contained in the report maybe blank if the information was not provided to CRD.
Regulatory - Final
This type of disclosure event may involve (1) a final, formal proceeding initiated by a regulatory authority (e.g., a state securities agency, self-regulatory organization, federal regulatory such as the Securities and Exchange Commission, foreign financial regulatory body) for a violation ofinvestment-related rules or regulations; or (2) a revocation or suspension of a broker's authority to act as an attorney, accountant, or federalcontractor.
Disclosure 1 of 5
Reporting Source: Regulator
Regulatory Action InitiatedBy:
FINRA
Sanction(s) Sought: Suspension
Date Initiated: 10/23/2019
Docket/Case Number: 2018057351801
Employing firm when activityoccurred which led to theregulatory action:
N/A
Product Type: No Product
Allegations: Respondent Fagenson failed to respond to FINRA request for information.
Current Status: Final
Resolution: Letter
Resolution Date:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
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Resolution Date: 01/27/2020
Sanctions Ordered: Bar (Permanent)
If the regulator is the SEC,CFTC, or an SRO, did theaction result in a finding of awillful violation or failure tosupervise?
No
(1) willfully violated anyprovision of the SecuritiesAct of 1933, the SecuritiesExchange Act of 1934, theInvestment Advisers Act of1940, the InvestmentCompany Act of 1940, theCommodity Exchange Act, orany rule or regulation underany of such Acts, or any ofthe rules of the MunicipalSecurities Rulemaking Board,or to have been unable tocomply with any provision ofsuch Act, rule or regulation?
(2) willfully aided, abetted,counseled, commanded,induced, or procured theviolation by any person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any of suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board? or
(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
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Regulator Statement Pursuant to FINRA Rule 9552(h) and in accordance with FINRA's Notice ofSuspension and Suspension from Association letters dated October 23, 2019 andNovember 18, 2019, respectively, on January 27, 2020, Fagenson is barred fromassociation with any FINRA member in all capacities. Respondent failed to requesttermination of his suspension within three months of the date of the Notice ofSuspension; therefore, he is automatically barred from association with any FINRAmember in all capacities.
(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
Capacities Affected: All capacities
Duration: Indefinite
Start Date: 01/27/2020
End Date:
Sanction 1 of 2
Sanction Type: Bar (Permanent)
Capacities Affected: All capacities
Duration: n/a
Start Date: 11/18/2019
End Date: 01/26/2020
Sanction 2 of 2
Sanction Type: Suspension
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Disclosure 2 of 5
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Reporting Source: Regulator
Regulatory Action InitiatedBy:
FINRA
Sanction(s) Sought: Suspension
Date Initiated: 09/28/2018
Docket/Case Number: 20180601760
Employing firm when activityoccurred which led to theregulatory action:
n/a
Product Type: No Product
Allegations: Respondent Fagenson failed to comply with an arbitration award or settlementagreement or to satisfactorily respond to a FINRA request to provide informationconcerning the status of compliance.
Current Status: Final
Resolution: letter
Resolution Date: 10/19/2018
Sanctions Ordered:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Suspension
If the regulator is the SEC,CFTC, or an SRO, did theaction result in a finding of awillful violation or failure tosupervise?
No
(1) willfully violated anyprovision of the SecuritiesAct of 1933, the SecuritiesExchange Act of 1934, theInvestment Advisers Act of1940, the InvestmentCompany Act of 1940, theCommodity Exchange Act, orany rule or regulation underany of such Acts, or any ofthe rules of the MunicipalSecurities Rulemaking Board,or to have been unable tocomply with any provision ofsuch Act, rule or regulation?
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(1) willfully violated anyprovision of the SecuritiesAct of 1933, the SecuritiesExchange Act of 1934, theInvestment Advisers Act of1940, the InvestmentCompany Act of 1940, theCommodity Exchange Act, orany rule or regulation underany of such Acts, or any ofthe rules of the MunicipalSecurities Rulemaking Board,or to have been unable tocomply with any provision ofsuch Act, rule or regulation?
(2) willfully aided, abetted,counseled, commanded,induced, or procured theviolation by any person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any of suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board? or
(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
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Regulator Statement Pursuant to Article VI, Section 3 of FINRA By-Laws, and FINRA Rule 9554,Respondent Fagenson is suspended on October 19, 2018, for failure to complywith an arbitration award or settlement agreement or to satisfactorily respond to aFINRA request to provide information concerning the status of compliance.Associated case number - ARB 180033/Arbitration Case #17-00195
(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
Capacities Affected: All capacities
Duration: Indefinite
Start Date: 10/19/2018
End Date:
Sanction 1 of 1
Sanction Type: Suspension
iReporting Source: Broker
Regulatory Action InitiatedBy:
FINRA
Sanction(s) Sought: Suspension
Date Initiated: 09/28/2018
Docket/Case Number: 20180601760
Employing firm when activityoccurred which led to theregulatory action:
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Employing firm when activityoccurred which led to theregulatory action:
N/A
Product Type: No Product
Allegations: RESPONDENT FAGENSON FAILED TO COMPLY WITH AN ARBITRATIONAWARD OR SETTLEMENT AGREEMENT OR TO SATISFACTORILY REPONDTO A FINRA REQUEST TO PROVIDE INFORMATION CONCERNING THESTATUS OF COMPLIANCE.
Current Status: Final
Resolution: LETTER
Resolution Date: 10/19/2018
Sanctions Ordered:
Broker Statement PURSUANT TO ARTICLE VI, SECTION 3 OF FINRA BY-LAWS, AND FINRARULE 9554, RESPONDENT FAGENSON IS SUPSPENDED ON OCTOBER 19,2018, FOR FAILURE TO COMPLY WITH AN ARBITRATION AWARD ORSETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRAREQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OFCOMPLIANCE. ASSOCIATED CASE NUMBER- ARB 180033/ARBITRATIONCASE# 17-00195. ( MR FAGENSON WAS GRANTED A HEARING ANDSUSPENSION WAS PLACED ON HOLD UNTIL 11/20/2018. FINRA FILED U6 ON12/13/2018, AT WHICH TIME THE FIRM RECEIVED NOTICE THAT THERESPONDENT, BY COUNSEL HAD WITHDRAWAL HIS REQUEST FOR AHEARING ON 12/4/2018 AND THE NOTICE OF SUSPENSION ISSUED TORESPONDENT ON SEPTEMBER 28, 2018 SHALL BE DEEMED FINRA'S FINALACTION IN THIS MATTER.)
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Suspension
Capacities Affected: ALL CAPACITIES
Duration: INDEFINITE
Start Date: 10/19/2018
End Date:
Sanction 1 of 1
Sanction Type: Suspension
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PURSUANT TO ARTICLE VI, SECTION 3 OF FINRA BY-LAWS, AND FINRARULE 9554, RESPONDENT FAGENSON IS SUPSPENDED ON OCTOBER 19,2018, FOR FAILURE TO COMPLY WITH AN ARBITRATION AWARD ORSETTLEMENT AGREEMENT OR TO SATISFACTORILY RESPOND TO A FINRAREQUEST TO PROVIDE INFORMATION CONCERNING THE STATUS OFCOMPLIANCE. ASSOCIATED CASE NUMBER- ARB 180033/ARBITRATIONCASE# 17-00195. ( MR FAGENSON WAS GRANTED A HEARING ANDSUSPENSION WAS PLACED ON HOLD UNTIL 11/20/2018. FINRA FILED U6 ON12/13/2018, AT WHICH TIME THE FIRM RECEIVED NOTICE THAT THERESPONDENT, BY COUNSEL HAD WITHDRAWAL HIS REQUEST FOR AHEARING ON 12/4/2018 AND THE NOTICE OF SUSPENSION ISSUED TORESPONDENT ON SEPTEMBER 28, 2018 SHALL BE DEEMED FINRA'S FINALACTION IN THIS MATTER.)
Disclosure 3 of 5
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Reporting Source: Regulator
Regulatory Action InitiatedBy:
FINRA
Sanction(s) Sought:
Date Initiated: 11/21/2018
Docket/Case Number: 2017052874401
Employing firm when activityoccurred which led to theregulatory action:
UBS Financial Services Inc.
Product Type: Other: unspecified securities
Allegations: Without admitting or denying the findings, Fagenson consented to the sanction andto the entry of findings that he engaged in quantitatively unsuitable trading in theaccounts of three senior customers. The findings stated that Fagensonrecommended the trading in these senior customers' accounts and they followedsuch recommendations. The customers did not propose any trades of their own.As a result, Fagenson exercised de facto control over these customers' brokerageaccounts. During the period, one senior customer's brokerage account lostapproximately $283,314, while generating more than $260,000 in commissionsand markups for Fagenson and his member firm. Furthermore, the other twosenior customers' brokerage account lost approximately $239,000, whilegenerating more than $210,000 in commissions and markups for Fagenson andthe firm. Fagenson's trading in the accounts of these customers was excessiveand unsuitable given the customers' investment profiles, including their ages andrisk tolerances.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 11/21/2018
Sanctions Ordered:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
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Sanctions Ordered: SuspensionOther: In light of Fagenson's financial status, no monetary sanction has beenimposed.
If the regulator is the SEC,CFTC, or an SRO, did theaction result in a finding of awillful violation or failure tosupervise?
No
(1) willfully violated anyprovision of the SecuritiesAct of 1933, the SecuritiesExchange Act of 1934, theInvestment Advisers Act of1940, the InvestmentCompany Act of 1940, theCommodity Exchange Act, orany rule or regulation underany of such Acts, or any ofthe rules of the MunicipalSecurities Rulemaking Board,or to have been unable tocomply with any provision ofsuch Act, rule or regulation?
(2) willfully aided, abetted,counseled, commanded,induced, or procured theviolation by any person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any of suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board? or
(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
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(3) failed reasonably tosupervise another personsubject to your supervision,with a view to preventing theviolation by such person ofany provision of theSecurities Act of 1933, theSecurities Exchange Act of1934, the InvestmentAdvisers Act of 1940, theInvestment Company Act of1940, the CommodityExchange Act, or any rule orregulation under any suchActs, or any of the rules ofthe Municipal SecuritiesRulemaking Board?
Capacities Affected: All Capacities
Duration: eight months
Start Date: 12/17/2018
End Date: 08/16/2019
Sanction 1 of 1
Sanction Type: Suspension
iReporting Source: Broker
Regulatory Action InitiatedBy:
FINRA
Sanction(s) Sought:
Date Initiated: 11/21/2018
Docket/Case Number: 2017052874401
Employing firm when activityoccurred which led to theregulatory action:
UBS FINANCIAL SERVICES INC.
Product Type: Other: UNSPECIFIED SECURITIES
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Allegations: Without admitting or denying the findings, Fagenson consented to the sanction andto the entry of findings that he engaged in quantitatively unsuitable trading in theaccounts of three senior customers. The findings stated that Fagensonrecommended the trading in these senior customers' accounts and they followedsuch recommendations. The customers did not propose any trades of their own.As a result, Fagenson exercised de facto control over these customers' brokerageaccounts. During the period, one senior customer's brokerage account lostapproximately $283,314, while generating more than $260,000 in commissionsand markups for Fagenson and his member firm. Furthermore, the other twosenior customers' brokerage account lost approximately $239,000, whilegenerating more than $210,000 in commissions and markups for Fagenson andthe firm. Fagenson's trading in the accounts of these customers was excessiveand unsuitable given the customers' investment profiles, including their ages andrisk tolerances.
Current Status: Final
Resolution: Acceptance, Waiver & Consent(AWC)
Resolution Date: 11/21/2018
Sanctions Ordered:
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Suspension
Capacities Affected: ALL CAPACITIES
Duration: EIGHT MONTHS
Start Date: 12/17/2018
End Date: 08/16/2019
Sanction 1 of 1
Sanction Type: Suspension
Disclosure 4 of 5
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Reporting Source: Regulator
Regulatory Action InitiatedBy:
FLORIDA OFFICE OF FINANCIAL REGULATION
Sanction(s) Sought:
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Sanction(s) Sought: Denial
Date Initiated: 04/08/2011
Docket/Case Number: 0123-SR-1/11 AND 0139-SR-3/11
URL for Regulatory Action:
Employing firm when activityoccurred which led to theregulatory action:
UBS FINANCIAL SERVICES INC
Product Type: No Product
Allegations: MAKING A MATERIAL MISSTATEMENT ON THE APPLICATION FORREGISTRATION
Current Status: Final
Resolution: Order
Resolution Date: 04/12/2011
Sanctions Ordered:
Regulator Statement ON 4/12/2011, THE OFFICE OF FINANCIAL REGULATION ENTERED A FINALORDER ADOPTING THE STIPULATION AND CONSENT AGREEMENT IN THEMATTER OF DAVID HOWARD FAGENSON. MR. FAGENSON NEITHERADMITTED NOR DENIED THE FINDINGS BUT CONSENTED TO THE ENTRYOF FINDINGS BY THE OFFICE. THE OFFICE FOUND THAT MR. FAGENSON'SANSWER TO QUESTION 14A(1)(B) ON FORM U-4 WAS AN OMISSION OFPART OF HIS LAW ENFORCEMENT RECORD THAT WAS REQUIRED TO BEDISCLOSED ON THE APPLICATION FOR IA AGENT REGISTRATION.PURSUANT TO THE ORDER, MR. FAGENSON'S APPLICATION FORREGISTRATION AS AN ASSOCIATED PERSON (RA) OF UBS FINANCIALSERVICES INC. IS DENIED WITHOUT PREJUDICE TO REAPPLY.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Denial
iReporting Source: Broker
Regulatory Action InitiatedBy:
FLORIDA OFFICE OF FINANCIAL REGULATION
Sanction(s) Sought:19�2021 FINRA. All rights reserved. Report about DAVID H. FAGENSON.
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Sanction(s) Sought: Denial
Date Initiated: 04/08/2011
Docket/Case Number: 0123-SR-1/11 AND 0139-SR-3/11
Employing firm when activityoccurred which led to theregulatory action:
UBS FINANCIAL SERVICES INC.
Product Type: No Product
Allegations: OMITTED PART OF A LAW ENFORCEMENT RECORD THAT WAS REQUIREDTO BE DISCLOSED.
Current Status: Final
Resolution: Order
Resolution Date: 04/12/2011
Sanctions Ordered:
Broker Statement I DISCLOSED THE CRIMINAL CHARGE TO MY FORMER FIRM. MY MANAGERAND I WERE ADVISED IN WRITING BY THE COMPLIANCE PROFESSIONAL ATMY FORMER FIRM THAT AN AMENDMENT TO MY FORM U4 WAS NOTREQUIRED AT THAT TIME. I DISCLOSED SUBSEQUENT UPDATES OF THECRIMINAL MATTER TO MY FORMER FIRM AND WAS INFORMED THATDISCLOSURE WAS NOT YET REQUIRED. SUBSEQUENTLY, IN COMPLETINGA NEW FORM U4 IN CONNECTION WITH MY PRESENT EMPLOYMENT, IRELIED ON THE WRITTEN ADVICE I HAD RECEIVED FROM THECOMPLIANCE PROFESSIONAL AT MY FORMER FIRM, WHICH WAS TO THEEFFECT THAT DISCLOSURE WAS NOT REQUIRED UNTIL THE MATTERRESULTED IN A CONVICTION. ONCE MY CURRENT FIRM INFORMED METHAT THIS ADVICE WAS INCORRECT, AND THAT DISCLOSURE WASREQUIRED, I IMMEDIATELY CORRECTED MY FORM U4 AND DISCLOSEDTHE MATTER. I FILED MY CORRECTED AMENDED FORM U4 PRIOR TO THESTATE OF FLORIDA CONTACTING ME ABOUT THE MATTER.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Denial
Disclosure 5 of 5
i
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Reporting Source: Regulator
Regulatory Action InitiatedBy:
FLORIDA OFFICE OF FINANCIAL REGULATION
Sanction(s) Sought: Revocation
Date Initiated: 04/08/2011
Docket/Case Number: 0139-SR-3/11
URL for Regulatory Action:
Employing firm when activityoccurred which led to theregulatory action:
UBS FINANCIAL SERVICES INC.
Product Type: No Product
Allegations: OMITTED PART OF A LAW ENFORCEMENT RECORD THAT WAS REQUIREDTO BE DISCLOSED
Current Status: Final
Resolution: Order
Resolution Date: 04/12/2011
Sanctions Ordered:
Regulator Statement ON 4/12/2011, THE OFFICE OF FINANCIAL REGULATION ENTERED A FINALORDER ADOPTING THE STIPULATION AND CONSENT AGREEMENT IN THEMATTER OF DAVID HOWARD FAGENSON. MR. FAGENSON NEITHERADMITTED NOR DENIED THE FINDINGS BUT CONSENTED TO THE ENTRYOF FINDINGS BY THE OFFICE. THE OFFICE FOUND THAT MR. FAGENSON'SANSWER TO QUESTION 14A(1)(B) ON FORM U-4 WAS AN OMISSION OFPART OF HIS LAW ENFORCEMENT RECORD THAT WAS REQUIRED TO BEDISCLOSED ON THE APPLICATION FOR BD AGENT REGISTRATION.PURSUANT TO THE ORDER, MR. FAGENSON'S REGISTRATION AS ANASSOCIATED PERSON OF UBS FINANCIAL SERVICES INC. IS REVOKEDWITHOUT PREJUDICE TO REAPPLY.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Revocation
i
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Reporting Source: Broker
Regulatory Action InitiatedBy:
FLORIDA OFFICE OF FINANCIAL REGULATION
Sanction(s) Sought: Revocation
Date Initiated: 04/08/2011
Docket/Case Number: 0139-SR-3/11
Employing firm when activityoccurred which led to theregulatory action:
UBS FINANCIAL SERVICES INC.
Product Type: No Product
Allegations: OMITTED PART OF A LAW ENFORCEMENT RECORD THAT WAS REQUIREDTO BE DISCLOSED.
Current Status: Final
Resolution: Order
Resolution Date: 04/12/2011
Sanctions Ordered:
Broker Statement I DISCLOSED THE CRIMINAL CHARGE TO MY FORMER FIRM. MY MANAGERAND I WERE ADVISED IN WRITING BY THE COMPLIANCE PROFESSIONAL ATMY FORMER FIRM THAT AN AMENDMENT TO MY FORM U4 WAS NOTREQUIRED AT THAT TIME. I DISCLOSED SUBSEQUENT UPDATES OF THECRIMINAL MATTER TO MY FORMER FIRM AND WAS INFORMED THATDISCLOSURE WAS NOT YET REQUIRED. SUBSEQUENTLY, IN COMPLETINGA NEW FORM U4 IN CONNECTION WITH MY PRESENT EMPLOYMENT, IRELIED ON THE WRITTEN ADVICE I HAD RECEIVED FROM THECOMPLIANCE PROFESSIONAL AT MY FORMER FIRM, WHICH WAS TO THEEFFECT THAT DISCLOSURE WAS NOT REQUIRED UNTIL THE MATTERRESULTED IN A CONVICTION. ONCE MY CURRENT FIRM INFORMED METHAT THIS ADVICE WAS INCORRECT, AND THAT DISCLOSURE WASREQUIRED, I IMMEDIATELY CORRECTED MY FORM U4 AND DISCLOSEDTHE MATTER. I FILED MY CORRECTED AMENDED FORM U4 PRIOR TO THESTATE OF FLORIDA CONTACTING ME ABOUT THE MATTER.
Does the order constitute afinal order based onviolations of any laws orregulations that prohibitfraudulent, manipulative, ordeceptive conduct?
No
Revocation
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I DISCLOSED THE CRIMINAL CHARGE TO MY FORMER FIRM. MY MANAGERAND I WERE ADVISED IN WRITING BY THE COMPLIANCE PROFESSIONAL ATMY FORMER FIRM THAT AN AMENDMENT TO MY FORM U4 WAS NOTREQUIRED AT THAT TIME. I DISCLOSED SUBSEQUENT UPDATES OF THECRIMINAL MATTER TO MY FORMER FIRM AND WAS INFORMED THATDISCLOSURE WAS NOT YET REQUIRED. SUBSEQUENTLY, IN COMPLETINGA NEW FORM U4 IN CONNECTION WITH MY PRESENT EMPLOYMENT, IRELIED ON THE WRITTEN ADVICE I HAD RECEIVED FROM THECOMPLIANCE PROFESSIONAL AT MY FORMER FIRM, WHICH WAS TO THEEFFECT THAT DISCLOSURE WAS NOT REQUIRED UNTIL THE MATTERRESULTED IN A CONVICTION. ONCE MY CURRENT FIRM INFORMED METHAT THIS ADVICE WAS INCORRECT, AND THAT DISCLOSURE WASREQUIRED, I IMMEDIATELY CORRECTED MY FORM U4 AND DISCLOSEDTHE MATTER. I FILED MY CORRECTED AMENDED FORM U4 PRIOR TO THESTATE OF FLORIDA CONTACTING ME ABOUT THE MATTER.
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Criminal - Final Disposition
This type of disclosure event involves a criminal charge against the broker that has resulted in a conviction, acquittal, dismissal, or plea. Thecriminal matter may pertain to any felony or certain misdemeanor offenses, including bribery, perjury, forgery, counterfeiting, extortion, fraud, andwrongful taking of property.
Disclosure 1 of 1
Reporting Source: Broker
Charge Date: 01/07/2010
If charge(s) were broughtagainst an organization overwhich broker exercisedcontrol:
Organization Name:
Investment RelatedBusiness:
No
Broker’s Position:
Name of Court: PALM BEACH COUNTY FLORIDA
Location of Court: WEST PALM BEACH FLORIDA
Docket/Case #: 2009CF14038AXXXMB
Formal Charges werebrought in:
State Court
FormalCharge(s)/Description:
CULTIVATION OF MARIJUANA CLASS 3 FELONY
No of Counts: 1
Felony or Misdemeanor: Felony
Plea for each charge: INNOCENT
Disposition of charge: I PLAN ON PLEADING INNOCENT AT HEARING ON 9/20/2010
Date of Amended Charge: 09/20/2010
Charge was Amended orreduced to:
1 COUNT OF POSSESSION OF MARIJUANA LESS THAN 20 GRAMS.MISDEMEANOR CHARGE.
Amended No of Counts: 1
Amended Charge: Misdemeanor
Amended Plea: ADJ W/HELD AS TO CTS.
Charge(s) 1 of 1
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Current Status: Final
Status Date: 09/20/2010
Broker Statement IN JAN OF 2010 I WAS CHARGED WITH A CLASS 3 FELONY FOR THECULTIVATION OF MARIJUANA. I IMMEDIATLY BROUGHT THIS TO THEATTENTION OF MY MERRILL LYNCH MANAGER. HE THEN IMMEDIATLYCONTACTED THE COMPLEX ADMINISTRATIVE MANAGER. THEADMINISTRATIVE MANAGER INFORMED THE BRANCH MANANGER THATTHE FINRA REPORTING REQUIREMENT FOR A FELONY ARREST IN THESTATE OF FLORIDA IS "SILENT". I WAS INFORMED THAT IF/WHEN THECHARGES CHANGED THEN ADDITIONAL REPORTING IS NECESSARY.HOWEVER, UNTIL THE TIME WHEN SOMETHING CHANGED, I WAS TOLDTHAT DISCLOSURE WASN'T REQUIRED. ADMIN MANAGER ALSOCONFIRMED THIS WITH BANK OF AMERICA HR AND REGISTRATION.BASED UPON THAT ERRANT GUIDANCE I WAS LEAD TO BELIEVE THATDISCLOSURE OF THIS ARREST WOULD NOT BE REQUIRED UNTIL THELEGAL SITUATION WAS RESOLVED. EARLY TERMINATED PROBATON WASGRANTED ON 1/24/2011.
Disposition Date: 09/20/2010
Sentence/Penalty: FELONY CHARGE WAS REDUCED TO A MISDEMEANOR CHARGE OFPOSSESSION OF MARIJUANA. 6 MONTHS PROBATION EFFECTIVE9/20/2010. MAY APPLY FOR EARLY TERMINATION AFTER 3 MONTHSPROVIDED ALL CONDITIONS ARE SATIFIED. EARLY TERMINATEDPROBATON WAS GRANTED ON 1/24/2011.
Amended Plea: ADJ W/HELD AS TO CTS.
Disposition of AmendedCharge:
6 MONTHS PROBATION/ EARLY TERMINATED PROBATON WAS GRANTEDON 1/24/2011.
25�2021 FINRA. All rights reserved. Report about DAVID H. FAGENSON.
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Customer Dispute - Settled
This type of disclosure event involves a consumer-initiated, investment-related complaint, arbitration proceeding or civil suit containing allegationsof sale practice violations against the broker that resulted in a monetary settlement to the customer.
Disclosure 1 of 8
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
THE CUSTOMER ALLEGES UNSUITABLE INVESTMENTRECOMMENDATIONS,UNAUTHORIZED TRADING ANDMISREPRESENTATION AND OMISSION OF MATERIAL FACTS FROM 2007 TO2010.
Product Type: Other: CLOSED END FUNDS
Alleged Damages: $0.00
Date Complaint Received: 12/28/2012
Complaint Pending? No
Status:
Status Date: 09/30/2013
Settlement Amount: $35,000.00
Customer Complaint Information
Settled
Alleged Damages AmountExplanation (if amount notexact):
DAMAGES ARE NOT SPECIFIED.
Is this an oral complaint? No
Is this a written complaint? No
Is this an arbitration/CFTCreparation or civil litigation?
Yes
Arbitration/Reparation forumor court name and location:
FINRA
Docket/Case #: 12-04248
Filing date ofarbitration/CFTC reparationor civil litigation:
12/14/2012
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Settlement Amount: $35,000.00
Individual ContributionAmount:
$0.00
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
THE CUSTOMER ALLEGES UNSUITABLE INVESTMENTRECOMMENDATIONS,UNAUTHORIZED TRADING ANDMISREPRESENTATION AND OMISSION OF MATERIAL FACTS FROM 2007 TO2010.
Product Type: Other: CLOSED END FUNDS
Alleged Damages: $0.00
Date Complaint Received: 12/28/2012
Complaint Pending? No
Status:
Status Date: 09/30/2013
Settlement Amount: $35,000.00
Individual ContributionAmount:
$0.00
Customer Complaint Information
Settled
Alleged Damages AmountExplanation (if amount notexact):
DAMAGES ARE NOT SPECIFIED.
Is this an oral complaint? No
Is this a written complaint? No
Is this an arbitration/CFTCreparation or civil litigation?
Yes
Arbitration/Reparation forumor court name and location:
FINRA
Docket/Case #: 12-04248
Filing date ofarbitration/CFTC reparationor civil litigation:
12/14/2012
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Individual ContributionAmount:
$0.00
Disclosure 2 of 8
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Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
THE CUSTOMER ALLEGES MISREPRESENTATION, UNAUTHORIZEDTRADING, EXCESSIVE TRADING AND UNSUITABLE INVESTMENTRECOMMENDATIONS FROM JULY 2004 TO SEPTEMBER 2010.
Product Type: Debt-Corporate
Alleged Damages: $3,300,000.00
Date Complaint Received: 10/07/2011
Complaint Pending? No
Status:
Status Date: 02/10/2012
Settlement Amount:
Individual ContributionAmount:
Date Notice/Process Served: 02/10/2012
Arbitration Pending? No
Disposition: Settled
Customer Complaint Information
Arbitration Information
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 12-00329
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Disposition: Settled
Disposition Date: 03/04/2013
Monetary CompensationAmount:
$112,500.00
Individual ContributionAmount:
$0.00
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
THE CUSTOMER ALLEGES MISREPRESENTATION, UNAUTHORIZEDTRADING, EXCESSIVE TRADING AND UNSUITABLE INVESTMENTRECOMMENDATIONS FROM JULY 2004 TO SEPTEMBER 2010.
Product Type: Debt-Corporate
Alleged Damages: $3,300,000.00
Date Complaint Received: 10/07/2011
Complaint Pending? No
Status:
Status Date: 02/10/2012
Settlement Amount: $0.00
Individual ContributionAmount:
$0.00
Customer Complaint Information
Arbitration Information
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 12-0032929�2021 FINRA. All rights reserved. Report about DAVID H. FAGENSON.
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Date Notice/Process Served: 02/10/2012
Arbitration Pending? No
Disposition: Settled
Disposition Date: 03/04/2013
Monetary CompensationAmount:
$112,500.00
Individual ContributionAmount:
$0.00
Docket/Case #: 12-00329
Disclosure 3 of 8
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Reporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
UBS FINANCIAL SERVICES INC. & MERRILL LYNCH, PIERCE, FENNER &SMITH INCORPORATED
CLAIMANT ALLEGES MISREPRESENTATIONS OF FEES AND RISK OFINVESTMENTS, EXCESSIVE TRADING AND UNSUITABLE INVESTMENTRECOMMENDATIONS FROM SEPTEMBER 2010 TO MAY 2011.
Product Type: Other: MISCELLANEOUS
Alleged Damages: $3,300,000.00
Date Complaint Received: 06/27/2011
Complaint Pending? No
Status:
Status Date: 10/05/2011
Settlement Amount:
Individual ContributionAmount:
Customer Complaint Information
Arbitration Information
Evolved into Arbitration/CFTC reparation (the individual is a named party)
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
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Date Notice/Process Served: 02/10/2012
Arbitration Pending? No
Disposition: Settled
Disposition Date: 02/19/2013
Monetary CompensationAmount:
$20,000.00
Arbitration Information
Individual ContributionAmount:
$0.00
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 12-00329
Disclosure 4 of 8
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Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MORGAN STANLEY DW, INC.
FINANCIAL ADVISOR MISREPRESENTED AMOUNT OF ANNUAL FEE TOCHARGED TO CHOICE ACCOUNTS IN 2002.
Product Type: Other
Other Product Type(s): FEE BASED ACCOUNTS
Alleged Damages: $10,200.00
Date Complaint Received: 08/18/2002
Complaint Pending? No
Status:
Status Date: 12/28/2005
Settlement Amount: $11,847.09
Individual ContributionAmount:
$0.00
Customer Complaint Information
Settled
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iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MORGAN STANLEY DW, INC
FINANCIAL ADVISOR MISREPRESENTED AMOUNT OF AN ANNUAL FEE TOCHARGE TO CHOICE ACCOUNTS IN 2002.
Product Type: Equity Listed (Common & Preferred Stock)
Alleged Damages: $10,200.00
Date Complaint Received: 08/18/2002
Complaint Pending? No
Status:
Status Date: 12/28/2005
Settlement Amount: $11,847.09
Individual ContributionAmount:
$0.00
Customer Complaint Information
Settled
Disclosure 5 of 8
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Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MORGAN STANLEY DW INC.
FAILURE TO FOLLOW INSTRUCTIONS.
Product Type: Other
Other Product Type(s): COMMON STOCK
Alleged Damages: $14,500.00
Date Complaint Received: 08/01/2001
Complaint Pending? No
Status:
Customer Complaint Information
Settled
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Status Date: 10/18/2001
Settlement Amount: $14,500.00
Individual ContributionAmount:
$10,000.00
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MORGAN STANLEY DW INC.
FAILURE TO FOLLOW INSTRUCTIONS.
Product Type: Other
Other Product Type(s): COMMON STOCK
Alleged Damages: $14,500.00
Date Complaint Received: 08/01/2001
Complaint Pending? No
Status:
Status Date: 10/18/2001
Settlement Amount: $14,500.00
Individual ContributionAmount:
$10,000.00
Customer Complaint Information
Settled
Disclosure 6 of 8
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Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MORGAN STANLEY DW INC.
FAILURE TO FOLLOW INSTRUCTIONS.
Product Type: Other
Other Product Type(s): COMMON STOCKS
Alleged Damages: $14,500.00
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Date Complaint Received: 08/01/2001
Complaint Pending? No
Status:
Status Date: 10/18/2001
Settlement Amount: $14,500.00
Individual ContributionAmount:
$10,000.00
Customer Complaint Information
Settled
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
MORGAN STANLEY DW INC.
FAILURE TO FOLLOW INSTRUCTIONS.
Product Type: Other
Other Product Type(s): COMMON STOCKS
Alleged Damages: $14,500.00
Date Complaint Received: 08/01/2001
Complaint Pending? No
Status:
Status Date: 10/18/2001
Settlement Amount: $14,500.00
Individual ContributionAmount:
$10,000.00
Customer Complaint Information
Settled
Disclosure 7 of 8
i
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
PAINEWEBBER INC.
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Allegations: CLAIMANT ALLEGES NEGLIGENCE AND BREACH OF FIDUCIARY DUTY INFAILING TO NOTICE AND NOTIFY PLAINTIFF THAT PLAINTIFF'S HUSBANDWAS FORGING HER NAME ON HER SECURITIES ACCOUNT CHECKS ANDIMPROPERLY WITHDRAWING HER FUNDS. DAMAGES UNSPECIFIED.
Product Type: Other
Other Product Type(s): PRODUCT UNSPECIFIED.
Alleged Damages:
Date Complaint Received: 10/06/2000
Complaint Pending? No
Status:
Status Date: 10/06/2000
Settlement Amount:
Individual ContributionAmount:
Court Details: PROVIDENCE SUPERIOR COURT, PROVIDENCE, RI.
Date Notice/Process Served: 10/06/2000
Litigation Pending? No
Disposition: Settled
Disposition Date: 11/22/2002
Monetary CompensationAmount:
$30,000.00
Individual ContributionAmount:
$0.00
Customer Complaint Information
Civil Litigation Information
Litigation
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
PAINEWEBBER INC.
CLAIMANT ALLEGES NEGLIGENCE AND BREACH OF FIDUCIARY DUTY INFAILING TO NOTICE AND NOTIFY PLAINTIFF THAT PLAINTIFF;S HUSBANDWAS FORGING HER NAME ON HER SECURITIES ACCOUNT CHECKS ANDIMPROPERLY WITHDRAWING HER FUNDS. DAMAGES UNSPECIFIED. 35�2021 FINRA. All rights reserved. Report about DAVID H. FAGENSON.
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CLAIMANT ALLEGES NEGLIGENCE AND BREACH OF FIDUCIARY DUTY INFAILING TO NOTICE AND NOTIFY PLAINTIFF THAT PLAINTIFF;S HUSBANDWAS FORGING HER NAME ON HER SECURITIES ACCOUNT CHECKS ANDIMPROPERLY WITHDRAWING HER FUNDS. DAMAGES UNSPECIFIED.
Product Type: No Product
Alleged Damages: $0.00
Date Complaint Received: 10/06/2000
Complaint Pending? No
Status:
Status Date: 10/06/2000
Settlement Amount:
Individual ContributionAmount:
Court Details: PROVIDENCE SUPERIOR COURT, PROVIDENCE, RIDOCKET/CASE NUMBER WC2000481
Date Notice/Process Served: 10/06/2000
Litigation Pending? No
Disposition: Settled
Disposition Date: 11/22/2002
Monetary CompensationAmount:
$30,000.00
Individual ContributionAmount:
$0.00
Customer Complaint Information
Civil Litigation Information
Litigation
Disclosure 8 of 8
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Reporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations: COMPLAINT ALLEGED PRODUCT FAILURE OFPAINEWEBBER SHORT TERM GOV'T FUND.
Product Type:
$13,838.9836�2021 FINRA. All rights reserved. Report about DAVID H. FAGENSON.
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Alleged Damages: $13,838.98
Date Complaint Received: 10/01/1994
Complaint Pending? No
Status:
Status Date:
Settlement Amount: $13,838.98
Individual ContributionAmount:
Broker Statement BROKER AGREED TO REIMBURSE CLIENTS FOR LOSSES OF$13,838.98. CLIENT COMPLAINED WHEN PAYMENTS WERE LATE AND FIRMADVANCED MONEY. BROKER TO REIMBURSE FIRM IN FULL.Not Provided
Customer Complaint Information
Settled
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Customer Dispute - Closed-No Action / Withdrawn / Dismissed / Denied
This type of disclosure event involves (1) a consumer-initiated, investment-related arbitration or civil suit containing allegations of sales practiceviolations against the individual broker that was dismissed, withdrawn, or denied; or (2) a consumer-initiated, investment-related written complaintcontaining allegations that the broker engaged in sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, ormisappropriation, or conversion of funds or securities, which was closed without action, withdrawn, or denied.
Disclosure 1 of 2
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
UBS Financial Services Inc
August 15, 2012 to September 27, 2016
The client alleges he was promised a certain rate on his fees in a discretionaryaccount was completely overcharged.
Product Type: Other: Managed Wrap Account In house Money Mgr
Alleged Damages: $100,000.00
Date Complaint Received: 12/20/2017
Complaint Pending? No
Status:
Status Date: 05/08/2019
Settlement Amount: $0.00
Individual ContributionAmount:
Customer Complaint Information
Arbitration Award/Monetary Judgment (for respondents/defendants)
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
Yes
Arbitration/Reparation forumor court name and location:
FINRA
Docket/Case #: 17-03428
Filing date ofarbitration/CFTC reparationor civil litigation:
12/20/2017
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Individual ContributionAmount:
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
UBS FINANCIAL SERVICES INC.
AUGUST 15, 2012 TO SEPTEMBER 27, 2016 THE CLIENT ALLEGES HE WASPROMISED A CERTAIN RATE ON HIS FEES IN A DISCRETIONARY ACCOUNTWAS COMPLETELY OVERCHARGED.
Product Type: Other: MANAGED WRAP ACCOUNT IN HOUSE MONEY MGR
Alleged Damages: $100,000.00
Date Complaint Received: 10/16/2018
Complaint Pending? Yes
Settlement Amount:
Individual ContributionAmount:
Customer Complaint Information
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
Yes
Arbitration/Reparation forumor court name and location:
FINRA
Docket/Case #: 17-03428
Filing date ofarbitration/CFTC reparationor civil litigation:
12/20/2017
Disclosure 2 of 2
i
Reporting Source: Firm
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Employing firm whenactivities occurred which ledto the complaint:
Allegations:
UBS FINANCIAL SERVICES INC
Time Frame: 2011 - 2016Client's Counsel alleges that former FA was not licensed as a broker and thus thefees charged to her account were inappropriately charged.
Product Type: No Product
Alleged Damages: $46,474.00
Date Complaint Received: 05/12/2017
Complaint Pending? No
Status:
Status Date: 06/14/2017
Settlement Amount:
Individual ContributionAmount:
Customer Complaint Information
Denied
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
UBS FINANCIAL SERVICES INC.
Time Frame: 2011 - 2016 Client's Counsel alleges that former FA was not licensedas a broker and thus the fees charged to her account were inappropriatelycharged.
Product Type: No Product
Alleged Damages: $46,474.00
Is this an oral complaint? No
Is this a written complaint? Yes
40�2021 FINRA. All rights reserved. Report about DAVID H. FAGENSON.
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Date Complaint Received: 05/12/2017
Complaint Pending? No
Status:
Status Date: 06/14/2017
Settlement Amount:
Individual ContributionAmount:
Customer Complaint Information
Denied
Is this an arbitration/CFTCreparation or civil litigation?
No
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Customer Dispute - Pending
This type of disclosure event involves (1) a pending consumer-initiated, investment-related arbitration or civil suit that contains allegations of salespractice violations against the broker; or (2) a pending, consumer-initiated, investment-related written complaint containing allegations that thebroker engaged in, sales practice violations resulting in compensatory damages of at least $5,000, forgery, theft, or misappropriation, orconversion of funds or securities.
Disclosure 1 of 1
Reporting Source: Firm
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
UBS FINANCIAL SERVICES INC
Time Frame: 2013 to 2016Client alleges that unauthorized trades were made in his account and that he gaveinstructions to place stop-loss orders on several investments that were notentered.
Product Type: Other: equities
Alleged Damages: $0.00
Date Complaint Received: 09/26/2016
Complaint Pending? No
Status:
Status Date: 07/28/2017
Settlement Amount: $26,250.00
Individual ContributionAmount:
$0.00
Customer Complaint Information
Arbitration Information
Settled
Alleged Damages AmountExplanation (if amount notexact):
Estimated to be in excess of $5,000
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
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Date Notice/Process Served: 09/14/2017
Arbitration Pending? Yes
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 17-02278
iReporting Source: Broker
Employing firm whenactivities occurred which ledto the complaint:
Allegations:
UBS FINANCIAL SERVICES INC
TIME FRAME: 2013 TO 2016 CLIENT ALLEGES THAT UNAUTHORIZEDTRADES WERE MADE IN HIS ACCOUNT AND THAT HE GAVE INSTRUCTIONSTO PLACE STOP-LOSS ORDERS ON SEVERAL INVESTMENTS THAT WERENOT ENTERED.
Product Type: Other: EQUITIES
Alleged Damages: $85,000.00
Date Complaint Received: 09/26/2016
Complaint Pending? No
Status:
Status Date: 07/28/2017
Settlement Amount: $26,250.00
Individual ContributionAmount:
$0.00
Customer Complaint Information
Arbitration Information
Settled
Alleged Damages AmountExplanation (if amount notexact):
ARBITRATION AMOUNT
Is this an oral complaint? No
Is this a written complaint? Yes
Is this an arbitration/CFTCreparation or civil litigation?
No
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Date Notice/Process Served: 09/14/2017
Arbitration Pending? Yes
Broker Statement UBS SETTLED THE CUSTOMER COMPLAINT ON 7/28/2017. THEN CLAIMANTFILED AN ARBITRATION AGAINST THE REPRESENTATIVE ONLY.
Arbitration Information
Arbitration/CFTC reparationclaim filed with (FINRA, AAA,CFTC, etc.):
FINRA
Docket/Case #: 17-02278
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Employment Separation After Allegations
This type of disclosure event involves a situation where the broker voluntarily resigned, was discharged, or was permitted to resign after beingaccused of (1) violating investment-related statutes, regulations, rules or industry standards of conduct; (2) fraud or the wrongful taking ofproperty; or (3) failure to supervise in connection with investment-related statutes, regulations, rules, or industry standards of conduct.
Disclosure 1 of 1
Reporting Source: Firm
Employer Name: UBS Financial Services Inc.
Termination Type: Discharged
Termination Date: 09/26/2016
Allegations: The Financial Advisor was discharged after a review found that while onheightened supervision, he violated firm policy by exercising time and pricediscretion, texting with clients and engaging in short term trading of preferredshares.
Product Type: No Product
iReporting Source: Broker
Employer Name: UBS FINANCIAL SERVICES INC.
Termination Type: Discharged
Termination Date: 09/26/2016
Allegations: THE FINANCIAL ADVISOR WAS DISCHARGED AFTER A REVIEW FOUNDTHAT WHILE ON HEIGHTENED SUPERVISION, HE VOLIATED FIRM POLICYBY EXERCISING TIME AND PRICE DISCRETION, TEXTING WITH CLIENTSAND ENGAGING IN SHORT TERM TRADING OF PREFERRED SHARES.
Product Type: No Product
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Financial - Final
This type of disclosure event involves a bankruptcy, compromise with one or more creditors, or Securities Investor Protection Corporationliquidation involving the broker or an organization/brokerage firm the broker controlled that occurred within the last 10 years.
Disclosure 1 of 1
Reporting Source: Regulator
Action Type: Bankruptcy
Action Date: 03/16/2018
Organization Investment-Related?
Action Pending? No
Disposition: Dismissed
Disposition Date: 09/13/2018
PROCEEDINGS IN FINRA ARBITRATION CASE #17-02278 AGAINST DAVIDHOWARD FAGENSON WERE STAYED BY BANKRUPTCY PROCEEDINGS INTHE UNITED STATES BANKRUPTCY COURT, FLORIDA SOUTHERN - PALMBEACH, CASE #18-13063.
September 13, 2018 - Order Granting Motion to Dismiss Case. Dismissal Shall Bewith 18 Months Prejudice-
Regulator Statement
Bankruptcy: Chapter 7
Type of Court: Federal Court
Name of Court: UNITED STATES BANKRUPTCY COURT
Location of Court: FLORIDA SOUTHERN - PALM BEACH
Docket/Case #: 18-13063
iReporting Source: Broker
Action Type: Bankruptcy
Action Date: 03/16/2018
Organization Investment-Related?
Bankruptcy: Chapter 7
Federal Court46�2021 FINRA. All rights reserved. Report about DAVID H. FAGENSON.
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Action Pending? No
Disposition: Dismissed
Disposition Date: 09/13/2018
Type of Court: Federal Court
Name of Court: UNITED STATES BANKRUPTCY COURT
Location of Court: SOUTHERN DISTRICT OF FLORIDA, WEST PALM BEACH DIVISION
Docket/Case #: 18-13063
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