FINRA Suspends Zachary Hansen
Zachary Hansen (CRD #: 5553180), a broker formerly registered with UBS Financial Services, was recently suspended by FINRA, according to his BrokerCheck record, accessed on October 22, 2022. Keep reading to learn more about his conduct as a broker.
FINRA Suspension
On August 11, 2022, Zachary Hansen consented to the entry of findings that he allegedly caused UBS Financial Services to maintain incomplete books and records by communicating with two clients about securities-related business through text messages, without the firm’s approval and in violation of firm policy.
A Letter of Acceptance, Waiver & Consent (AWC) alleges that during the relevant period of June 2018 to April 2020, UBS Financial Services’ employee conduct policies and written supervisory procedures required electronic business communications to be transmitted through firm-authorized systems.
During this period, Zachary Hansen allegedly exchanged numerous text messages with clients, including messages concerning account performance and transactions, securities recommendations, and market events. He allegedly used his personal cell phone to exchange these messages without the approval of his firm, preventing the firm from retaining records of these messages.
The AWC concludes that these allegations constitute violations of FINRA Rules 4511 and 2010.
FINRA Rules 4511 and 2010
FINRA Rule 4511 requires firms to preserve accurate books and records.
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Zachary Hansen consented to the following sanctions:
- $7,500 fine
- 45-calendar day suspension
His suspension ran from August 15 to September 28, 2022.
You can read the full AWC here.
Discharge from UBS Financial Services
On August 12, 2020, Zachary Hansen was fired from UBS Financial Services following allegations that he violated the firm’s policies in several ways, including:
- Encouraging/facilitating selling away
- Use of inappropriate means of electronic communication with clients
- Improper handling of customer complaints
- Failure to disclose personal investments
Selling away violates FINRA Rule 3270 and failing to disclose personal investments violates FINRA Rule 3280.
Background Information
Zachary Hansen has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
He previously worked for the following firms:
- UBS Financial Services (CRD#:8174)
- Mutual Trust Company of America Securities (CRD#:8494)
- Transamerica Capital (CRD#:8217)
Kurta Law Can Help
If you worked with Zachary Hansen 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.
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