Joseph Whitney, Formerly of UBS Financial Services, Denied Registration by New Jersey Bureau of Securities

Whitney allegedly engaged in dishonest and unethical business practices while employed with UBS Financial.

Joseph Whitney (CRD#: 4593351) was registered as a broker with Wedbush Securities from 2020 until 2021. Previously, Whitney was registered as a broker with UBS Financial Services from 2011 until 2020.

Whitney has three disclosures on his BrokerCheck report.

January 2021 Regulatory Judgment

• Status: Final
• Initiated By: New Jersey Bureau of Securities
• Allegations: Whitney engaged in dishonest and unethical practices in the securities business by (1) violating UBS’ Reporting Client and Other Complaints policy and failing to timely report a complaint to UBS. (2) violating UBS’ Prohibition Against Selling Away policy and referring his customer to his wife, M-Whitney for a private real estate investment. (3) violating UBS’ COI Policies by, among other things, failing to address the conflict of interest that arose through referring a customer to M-Whitney, and putting his own interest before his customer’s interests. (4) recommending CG take out the Securities Backed Loan without a reasonable basis that it was suitable.
• Resolution: Order
• Sanctions: Denial
• Sanctions: The agent and investment adviser representative applications for registration of Whitney are DENIED. All exemptions contained in N.J.S.A. 49:3-50 subsections (a) paragraph 9, 10, and 11 and subsection (b) are hereby DENIED as to Whitney. All exemptions to the registration requirements provided by N.J.S.A. 49:3-56(b), N.J.S.A. 49:3-56(c), and N.J.S.A. 49:3-56(g) are hereby DENIED as to Whitney.

January 2021 Criminal Judgment

• Status: Pending Charge
• Charges: Conspiracy
• Charges: Money Laundering

November 2020 Customer Dispute

• Status: Pending
• Allegations: Time Frame: August 21, 2018 to April 10, 2020 What were the allegations against the individual? The client’s attorney alleges fraud and a breach of fiduciary duty by the Financial Advisor in asking him to invest in a project with his wife. The attorney further alleges the Financial Advisor did not disclose that his wife and her family were not strangers to fraud schemes.
• Damage Amount Requested: $2,000,000.00
• Broker Comment: The attorney’s assertion-unrelated in any way to his client’s profitable and well-managed accounts at UBS- is contrary to the fact that it was his client who asked my wife, a New Jersey licensed real estate broker, to form, invest in, and develop a residential real estate company many years after meeting and knowing her. My wife’s family matters which were fully disclosed to my employer, had absolutely nothing to do with the servicing of any of my client accounts, had nothing to do with me and no client, aside from this one’s attorney has ever complained about me in any fashion.

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Joseph Whitney. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.