In a recent development, UBS Financial Services Inc. and its financial advisor, Ronald Chesney, are facing allegations of allowing a document to be improperly notarized. The complaint, filed by a client, pertains to events that allegedly took place in April 2016. As of February 7, 2024, the dispute remains pending, with no resolution reached thus far.
Ronald Chesney, a broker and investment advisor with UBS Financial Services Inc. (CRD #8174) in Maryland since March 26, 2009, has denied any wrongdoing. In his statement, Chesney asserted, “I deny having done anything improper with regard to this client relationship. I acted in good faith at all times to facilitate the client’s instructions and wishes with respect to their financial affairs. I did not personally notarize the document in question and had no reason to believe anything improper occurred with respect to the same.”
The investment fraud law firm of Haselkorn & Thibaut is currently investigating the advisor and company, offering free consultations to clients who may have suffered losses due to improper or fraudulent practices. Investment fraud and bad advice from financial advisors can have devastating consequences for investors, as highlighted in a recent Forbes article discussing how to protect oneself from such malpractice.
Understanding the allegation and FINRA rules
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The allegation against Ronald Chesney and UBS Financial Services Inc. revolves around the improper notarization of a document. Notarization is a legal process that verifies the authenticity of a document and the identity of the person signing it. When a document is improperly notarized, it raises questions about its legitimacy and the integrity of the parties involved.
FINRA, the Financial Industry Regulatory Authority, maintains strict rules and guidelines for financial advisors and their firms. FINRA Rule 2010 requires member firms and their associated persons to observe high standards of commercial honor and just and equitable principles of trade. Any actions that undermine the integrity of the financial industry or put clients’ interests at risk may be considered a violation of this rule.
The importance for investors
Properly notarized documents are crucial in financial transactions, as they provide an additional layer of security and trust. When a document is improperly notarized, it can lead to a host of issues for investors, including:
- Legal challenges to the validity of the document
- Difficulties in enforcing agreements or contracts
- Potential financial losses due to fraudulent activities
Investors rely on the integrity and professionalism of their financial advisors to manage their assets and make sound decisions on their behalf. When an advisor or firm engages in improper practices, such as allowing documents to be improperly notarized, it erodes the trust that is essential to the client-advisor relationship.
Red flags and recovering losses
Investors should be aware of potential red flags that may indicate financial advisor malpractice or fraudulent behavior. These can include:
- Inconsistencies in account statements or documentation
- Unexplained or unauthorized transactions
- Pressure to sign documents without adequate explanation or review
- Difficulty in obtaining clear answers from the advisor or firm
If an investor suspects that they have suffered losses due to improper practices by their financial advisor or firm, they may be able to recover damages through FINRA arbitration. FINRA arbitration is a dispute resolution process that allows investors to seek compensation for losses caused by the misconduct of financial professionals.
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, has over 50 years of combined experience in representing investors in FINRA arbitration cases. With a 98% success rate and a “No Recovery, No Fee” policy, the firm has helped numerous investors recover their losses. Investors can contact Haselkorn & Thibaut for a free consultation by calling their toll-free number at 1-888-885-7162 .
As the investigation into the allegations against Ronald Chesney and UBS Financial Services Inc. continues, investors should remain vigilant and proactive in protecting their financial interests. By staying informed, recognizing potential red flags, and seeking the guidance of experienced professionals, investors can help safeguard their assets and hold those responsible for misconduct accountable.
