John Saunders Allegedly Made Unauthorized Trades

John Saunders (CRD# 870131[1]), a broker registered with UBS Financial Services, made unauthorized transactions, according to an investor dispute. MDF Law is investigating the Roanoke, Virginia financial professional for similar conduct. We urge investors with concerns about their accounts to contact us as soon as possible.

To learn more about the allegations against Mr. Saunders, continue reading this post. The information herein is based on his Financial Industry Regulatory Authority (FINRA) BrokerCheck profile, accessed on February 8, 2024.

Pending Disputes Allege Unauthorized Sales, Unsuitable Annuities

Two parties of investors lodged disputes involving Mr. Saunders in the last year. In one case, the claimant alleged that he sold stocks without seeking her authorization, and further that he did not follow her instructions. In the other case, the claimant alleged that he recommended unsuitable equity-indexed annuity products. The disputes, which remain pending, seek at least $400,000 in damages.

Past Disputes Settled for 6-Figures

Between 2012 and 2017, three other parties of investors filed disputes involving Mr. Saunders. These claims detailed allegations that he failed to follow instructions, mismanaged a customer’s account, provided “incorrect/faulty information,” and failed to properly diversify accounts. His member firm settled the disputes for a total of more than $211,747.

John Saunders Denies Allegations

Mr. Saunders issued identical statements denying the allegations made in two of the disputes. “I believe that I informed the client as to the ramifications regarding withdrawals and their effect on their income rider,” he commented on both claims, which alleged mismanagement and failure to follow instructions. “This matter was settled to avoid future litigation by the client and I was not asked to contribute towards the settlement of this matter.”

With regard to the third claim, which alleged failures to diversify accounts, he wrote that his firm settled the dispute “as a business matter.” 

FINRA Rules Protect Investors

Under FINRA rules and other industry standards, brokers like Mr. Saunders may not effect transactions without a customer’s authorization. FINRA Rule 2020[2] establishes that they may not employ manipulative, deceptive, or other fraudulent means as they go about trading a customer’s accounts. Rule 3260[3], meanwhile, proscribes discretionary trading—that is, trades executed at the representative’s discretion—without prior written authorization from the customer and approval from the firm.

FINRA: Saunders Based in Roanoke, Virginia

John Saunders launched his career as a broker in 1979. That year, he registered with Fidelity Distributors Corporation, where he remained until 1989. Over the following decades, he went on to work at firms like Legg Mason Wood Walker and Citigroup Global Markets. He joined his current member firm, UBS Financial Services, in 2007. He has been registered with the firm since, working out of its office in Roanoke, Virginia. 

At MDF Law, We Advocate for Investors

If you have lost money working with John Saunders, you may be eligible to file a FINRA arbitration proceeding to pursue damages. Call MDF Law to go over your case with one of our seasoned attorneys. Consultations are free, and we accept cases on contingency: clients only pay a fee if they recover lost funds. Call 800-767-8040 to speak with an attorney today.