In February, 2016, a three member FINRA arbitration panel issued a $450,000 binding arbitration award against Unionbanc Investment Services for conduct related to one of their former registered representatives Cynthia Higgins.
The underlying matter involved allegations that Higgins made unsuitable investments, over concentrated the accounts’ assets, and failed to disclose material facts. The claims made were for negligence, breach of fiduciary duty and failure to supervise.
As a result of this award The Law Office of David Liebrader has opened an investigation into Unionbanc and registered rep Cynthia Higgins.
In order to lawfully sell investments to the public, a broker dealer must be registered. According to FINRA’s CRD disclosure report, Unionbanc Investment Services is a California corporation, formed in December, 2004, and registered with FINRA, the SEC and in 52 states and territories. They have been the subject of two customer complaints and one regulatory investigation.
Cynthia Higgins broker check lists two customer complaints over 31 years in the brokerage industry, with two in the last year. She has been registered with Unionbanc since 2004
FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited. Unionbanc has thirty days to pay the award, or to seek to have the award vacated.
If you are the victim of investment fraud, or if you have lost money investing with Unionbanc Investment Services, please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.
There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.
The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.