FINRA Permanently Bars Former UBS Broker Who Used Customer Money to Pay Her Bills
A UBS Financial Services Incorporated registered representative, Sammy Gail Page, out of Beaumont, Texas was fired in April 2007, after the firm learned she had used customer money to pay her credit card bills and other things. She was also permanently barred from the securities industry on May 25, 2011 by the Financial Industry Regulatory Authority (FINRA) in FINRA Case# 2011027424501.
FINRA found that Sammy Gail Page had converted a total of $1,207,440.61 from her retail customers’ brokerage accounts by arranging for transfers of funds from the customers’ accounts, by way of one check and automated clearing house (ACH) debits, for the payment of a corporate credit card account held in her name, without the customers’ authorization. According to the investigation, Page also provided false information to a Certified Public Accountant (CPA) who was acting in behalf of one of her customers, regarding some of the ACH debits made from that customer’s account totaling $286,330.72, each debit having been made payable to Page’s corporate credit card account. The findings also stated that Page told the CPA that the debits were made to fund an outside real estate investment trust (REIT) in which she had placed a portion of the customer’s investment portfolio. Additionally, Page fabricated account statements demonstrating that the customer had an ownership interest in a particular REIT, when no such ownership existed, and faxed the fabricated statements to the CPA. Upon questioning from the CPA regarding information about any dividends from the REIT, Page falsely explained that while dividends were expected, they would not be forthcoming until the following tax year.
FINRA found that by deceiving one of her customer’s appointed representatives in such a fashion, Page in the conduct of her securities business, failed to observe the high standards of commercial honor and just and equitable principles of trade.