When broker Jerry L. Springer left his job at UBS Financial, UBS pulled out all the stops to keep him from taking his clients with him, according to published accounts, and encouraged the customers to file FINRA complaints.
On FINRA's BrokerCheck database, UBS posted this disturbing account of his departure:
"Mr. Springer was discharged after he acknowledged that, for several years, he had caused charges on his corporate credit card to be characterized inaccurately so as to portray certain of his personal expenses as business expenses in order to get back fundsds set aside from his own pre-tax earnings to pay for business expenses; no client accounts were harmed."
UBS also said that "he gave unsatisfactory answers" "regarding multiple client events and the firm's non-cash compensation policy."
As a result of the smears, Springer was only able to retain a quarter of the $350 million in customer assets he'd been advising.
Instead of walking away, however, Springer took his former employer to arbitration, and proved he had been dismissed after UBS had learned he had gotten another job.
FINRA ordered UBS to pay Spring $3 million in damages.
If you believe your former employer has been trying to damage your reputation, give us a call at (617) 535-7763.
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