(FINRA Case #2015045020501)
James Rose (CRD #4842996, Asheville, North Carolina) was assessed a deferred fine of $25,000 and suspended from association with any FINRA member in any capacity for six months. The suspension is in effect from February 6, 2017, through August 5, 2017.
Without admitting or denying the findings, Rose consented to the sanctions and to the entry of findings that he engaged in six outside business activities without seeking approval from or disclosing these outside business activities to his member firm, United Advisors Service.
The findings stated that Rose formed and/or served as an active member of six companies that managed family assets, such as real estate, while associated with his firm, but failed to disclose these outside business activities to the firm.
The findings also stated Rose invested $200,000 of his own funds. In exchange for his investment, Rose became a member of the limited liability company and was not an officer, director or employee of the company.
Rose’s investment constituted an investment contract, and was, therefore, a private securities transaction. Rose did not provide written notice to, or receive prior written approval from, his firm before making the investment. The findings also included that Rose failed to disclose to his firm that he had either a financial interest or maintained trading authority in 15 accounts held away from the firm.
Previously, Rose was discharged April, 1 2015 from UBS Financial Service Inc. in New York after almost 10 years of employment for similar activities. Rose’s employment was terminated after the UBS learned that, without the knowledge or approval of management, Rose maintained and traded in multiple brokerage accounts for himself and his family at other financial institutions and invested in multiple outside private investments, including private family investments.
If you feel you have been misled by James Rose or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation