Uhlmann Price Securities

The securities lawyers of Gana Weinstein LLP are investigating Clifford Morgan (Morgan) bar from the securities industry. The Financial Industry Regulatory Authority (FINRA) recently brought an enforcement action (FINRA No. 2011025610501) against Morgan alleging that between November 2011 and December 2014, while he was associated with brokerage firm Uhlmann Price, Securities, LLC (Uhlmann Price) Morgan participated in private securities transactions – also referred to as “selling away” in the industry – without providing notice to his firm. FINRA also found that in engaging in the private securities transactions Morgan made material misrepresentations to customers and also participated in numerous outside business activities without providing the required notice to the firm.

Clifford Morgan entered the securities industry in January 2004. Between January 2007 and December 2014, Morgan was associated with Uhlmann Price. On December 5, 2014, Uhlmann Price filed a Form U5 reporting that Morgan had been “permitted to resign” with the explanation that the ”registered representative participated in private securities transactions in conflict with firm policies.”

It is unclear from the regulatory filings what companies were invested in but from publicly available information, Morgan’s brokercheck disclosures reveal several outside business activities including US College Planning, W&C Business Management, Strategis Wealth Consulting, and Strategis Wealth Advisory Group.

According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Robert Batchen (Batchen) has been the subject of at least five customer complaints, one judgement/lien, and one employment separation for cause over the course of his career. Customers have filed complaints against Batchen allege claims including that the broker made unsuitable investments, unauthorized trades, and failure to follow instructions among other claims. In addition to customer complaints, Batchen was also subject to an employment separation from Wells Fargo Advisors LLC (Wells Fargo) where the broker resigned during an internal review of allegations of unauthorized trading.

Batchen entered the securities industry in 1990. From January 2008, until September 2012, Batchen was associated with Wells Fargo. Currently, Batchen is a registered representative of Uhlmann Price Securities, LLC.

Advisors are not allowed to engage in unauthorized trading. Such trading occurs when a broker sells securities without the prior authority from the investor. The broker must first discuss all trades with the investor before executing them under NYSE Rule 408(a) and FINRA Rules 2510(b). These rules explicitly prohibit brokers from making discretionary trades in a customers’ non-discretionary accounts. The SEC has also found that unauthorized trading to be fraudulent nature.

Articles Tagged with Uhlmann Price Securities

FINRA Bars Broker Clifford Morgan In Connection With the Sale of Over Promissory Note Sales

Broker Spotlight: Advisor Robert Batchen Unauthorized Trading Claims