Goodman and Nekvasil May Recover Investors Losses | Victor Lee, Financial Advisor Barred by FINRA
Victor Lee was licensed with UBS Financial Services, Inc. from 2012 to 2015. Reported by FINRA on January 9, 2017, Victor Lee, was barred from association with any FINRA member in any capacity. Victor Lee entered into a Letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority (FINRA) Department of Enforcement to resolve allegations FINRA made against him regarding violations of securities industry rules.
FINRA reports Victor Lee consented to the sanctions and to the entry of findings that Victor Lee engaged in an undisclosed outside business activity assisting a local tax preparer from whom he sought referral business.
FINRA found that Victor Lee created partnership agreements for the tax preparer’s clients and held himself out to be a partner of the tax preparer. FINRA found that Victor Lee’s activity was outside the scope of his business with his member firm and he did not provide notice of this activity, at any time, to the firm. Additionally, Victor Lee used the firm’s resources, including his email address, with the firm, to communicate with clients of the tax preparer, thus creating the false impression that his work on behalf of the tax preparer was endorsed by the firm, when it was not.
According to FINRA, in connection with this undisclosed outside business, Lee created at least 50 partnership agreements for clients of that tax preparer, including affixing inaccurate partnership agreement dates to the documents. FINRA reports that Victor Lee failed to conduct adequate due diligence in drafting those agreements even though he expected the majority of the agreements would be submitted to a state taxation authority in connection with ongoing audits of the tax preparer was endorsed by UBS, when it was not.
Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. We would like to discuss the possibility of your retaining our firm to represent you in an arbitration action.
Goodman & Nekvasil, P.A., has filed hundreds of cases against brokerage firms selling high-risk investments and has recovered more than $180 million dollars on behalf of victimized investors. We allege in these cases that these investment recommendations were unsuitable for our clients in view of their financial situation, needs and investment objectives. All our cases are handled on a purely contingency fee basis.
There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf. Finally, the filing of such a case should not affect your ownership of these investments in any way.
If you incurred losses on your investment with Victor Lee, you may be able to recover your losses from UBS Financial Services Inc. This is because UBS Financial Services Inc., had a duty to supervise Victor Lee. If you would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.