Monda Hanna Allegedly Failed to Disclose Potential Compensation

Monda Hanna (CRD #: 1173486), a broker registered with UBS Financial Services, is the subject of a pending dispute, according to her BrokerCheck record, accessed on January 26, 2023. If you want to know more about her alleged conduct as a broker, read on.

Investor Dispute

On November 18, 2022, an investor alleged that Monda Hanna’s recommendation to take an in-service distribution from his 401k to move funds to five new accounts in the year before he retired was not in his best interest. The client further alleged that Monda Hanna failed to disclose that she would be compensated for the opening of these five accounts.

This misconduct allegedly occurred between December 9, 2021, and November 1, 2022. The dispute is currently pending.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles, which describe characteristics such as their tax status, financial goals, and age.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulative, deceptive, and otherwise unethical means of influencing investors’ decisions. Omitting information related to investments, such as their potential risks or fees, violates this rule.

Background Information

Monda Hanna has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Monda Hanna is a registered broker in 17 states and a registered investment adviser in Texas.

She has also worked for the following firms:

• Oppenheimer & Company (CRD#:249)
• A. G. Edwards & Sons (CRD#:4)
• The Principal/Eppler, Guerin & Turner (CRD#:260)
• Rauscher Pierce Refsnes (CRD#:6663)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)

Kurta Law Can Help

If you worked with Monda Hanna and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want 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.