Former UBS Financial Services Inc. financial advisor William Paynter Jr. (CRD #2835535) has allegedly made for customers unsuitable investments in the high risk oil and gas sector. Paynter has been registered with the Wells Fargo Clearing Services, LLC in Arizona since April 2017. From 2014 to 2017 he was registered with UBS Financial Services Inc., and from 2011 to 2014 he was registered with Morgan Stanley.
A report states that an elderly couple and former client of Paynter filed a $500,000 FINRA arbitration claim against UBS for unsuitable investments and overconcentration in the high risk oil and gas sector. Paynter made these investments even though the couple told him about their conservative investment objectives, as they wanted a modest income to last them throughout their retirement. The complaint states that Paynter did not ensure a stop loss was in place, and his clients lost a significant amount of money. Paynter also allegedly recommended that the couple invest in a number of other oil and gas companies, which were unsuitable recommendations.
During the time period in question, Paynter was employed by Morgan Stanley and then UBS Financial. Morgan Stanley has settled their part of the case for $35,000. UBS Financial settled their part of the case for $130,000.