UBS Financial Services, Inc. has been served with a whistleblower lawsuit by former employee Craig D. Price, who was a Florida-based wealth adviser. Price alleges that UBS gave him a false reason for his termination, which occurred after he testified to the Financial Industry Regulatory Authority (FINRA) that a coworker facilitated the misuse of an elderly client’s funds. Price claims that, after his testimony to FINRA about that colleague’s alleged misdeeds, his superiors at UBS actively sabotaged his projects to manufacture a justification for firing him.
Price worked for UBS for over a decade. At the time of his firing, Price was a senior vice president of investments and also worked as a private wealth adviser out of the company’s Stuart, Florida offices. After Price discovered his colleague’s facilitation of the misuse of an elderly client’s funds, he alleges that he told his superiors at UBS, who conducted an internal investigation that resulted in that colleague’s termination in 2013. UBS never reported the matter to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, nor did UBS amend its FINRA disclosure regarding the terminated employee to reflect the misuse of the client’s funds.
Soon thereafter, in 2014, FINRA began its own investigation regarding Price’s former colleague’s conduct. In doing so, FINRA took extensive testimony from Price about the matter. In early 2016, Price claims UBS fired him for “various policy violations” related to a stock purchase that he handled for a client, even though the company denied the client’s complaints about the incident and stated Price and UBS committed no wrongdoing. Price’s lawsuit claims that UBS’s actions in terminating him violate the Dodd-Frank Act and the Florida Whistleblower Act. His lawsuit seeks double back pay, compensatory damages, and attorney’s fees and costs.