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UBS Financial Services Fires John Rossi After Allegedly Violating Firm Policies

Feb 1, 2022 Unauthorized Trading

John Rossi (CRD #:5283741) a broker and investment advisor registered with Prospera Financial Services was recently fired by UBS Financial Services, according to his  Brokercheck Record, accessed on January 15, 2022. Read on for the details of his termination.  

Termination Details 

On October 29, 2021, LPL Financial fired John Rossi after the following allegations. 

  1. Failure to obtain two clients' authorization before placing several trades in their accounts 
  2. Failure to recognize red flags of possible fraudulent activity in an account. 

FINRA Rule 3260 (Discretionary Accounts) 

A broker must always have the customer's permission before executing any transactions in a non-discretionary account. This is in accordance with FINRA Rule 3260(b).  

FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) 

A broker executing unauthorized trades in a customer's account also violates FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. 

FINRA 3110 (Supervisory) 

FINRA 3110 requires firms to maintain a supervisory system reasonably designed to achieve compliance with FINRA rules. It also requires that the firm designate a registered principle whose job it is to carry out supervisory responsibilities. The firm must make reasonable efforts to determine that all supervisory personnel are qualified, either by experience or training. 

Background Information 

John Rossi has passed the following exams: 

  • Series 66 - Uniform Combined State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 31 - Futures Managed Funds Examination 
  • Series 7 - General Securities Representative Examination 

John Rossi is a registered broker in five states. He is also a registered investment advisor in Texas. 

 John Rossi has also worked with the following firms:  

  • Morgan Stanley Smith Barney (CRD#:149777) 
  • Morgan Stanley & Co. Incorporated (CRD#:8209) 

Kurta Law Can Help 

If you lost money after working with John Rossi, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.