Broker Investigation: David Fagenson

Former UBS Financial Services Inc. broker, David Fagenson (CRD#: 1652012) was suspended last week by the Financial Industry Regulatory Authority, Inc. (FINRA) for numerous unsuitable trades in the accounts of three senior citizens. These excessive trades not only created steep losses for his elderly clients, but resulted in thousands of dollars gained in commissions and markups for Fagensen.

Fagenson’s BrokerCheck record is riddled with numerous regulatory and customer disputes during his 31 years as a broker.  He was terminated by UBS in 2016 for improper use of discretion in managing customer accounts and other violations of company policy. Last month, AdvisorHub reported UBS has filed suit against Fagenson for failing to pay $889,000 on nine promissory notes awarded in a 2017 arbitration panel ruling.  

Since his firing in 2016, Fagenson has been working with Newbridge Securities Corporation where his record already shows a pending customer dispute for allegedly overcharging on a promised fee rate.  

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