Tracy Longstreet Allegedly Stole from Customer Accounts
Tracy Longstreet (CRD# 1768525), formerly a broker registered with UBS Financial Services, stole from a client’s accounts, according to a pending dispute. MDF Law is investigating the former Houston, Texas-based financial professional for similar conduct. If you have concerns about your portfolio, contact us for a free and confidential consultation with an attorney.
Continue reading this post to learn more about the allegations against Ms. Longstreet. The information below is based on an October 11, 2024 review of her BrokerCheck profile, a Financial Industry Regulatory Authority record.
FINRA Bars Tracy Longstreet over Alleged Rule Violations
On September 11, 2024, FINRA released a Letter of Acceptance, Waiver, and Consent (No. 2024082383001) describing a settlement of alleged rule violations it reached with Ms. Longstreet. According to the letter, FINRA initiated an investigation stemming from the disclosure of an arbitration filing. The filing in question alleged that the improper change of the beneficiaries of a customer’s IRA in order to benefit her “family and/or friends.”
In connection with this investigation, FINRA sent her a request to provide documents and information. However, the letter states, she did not fulfill the request, and informed FINRA via counsel that she would not do so. As FINRA explains, this refusal violates FINRA Rules 8210 and 2010. The former rule authorizes FINRA to require associated persons to provide information regarding matters under its investigation. The latter, meanwhile, requires associated persons to observe high standards of commercial honor.
Ms. Longstreet did not admit to or deny any of FINRA’s findings. She did, however, consent to their entry. She also consented to the imposition of a bar from associating with any FINRA member firm in all capacities.
Pending Dispute Alleges up to $5 Million in Damages
As the AWC Letter noted, FINRA’s investigation arose from the filing of an arbitration claim involving Ms. Longstreet. An investor filed this claim on June 6, 2024, according to a disclosure on her BrokerCheck profile. The claim alleges that between 2015 and 2023, she engaged in an “ongoing theft” from his accounts. It also alleges that the beneficiaries on the investor’s IRA “were improperly changed to personally benefit the advisor’s family and/or friends.” The dispute, which is still pending, seeks between $1 million and $5 million in damages.
FINRA: Broker Last Based in Houston, Texas
Tracy Longstreet began her career as a broker in 2000, when she registered with Morgan Stanley in Houston, Texas. She remained at the firm until 2009, when she joined UBS Financial Services’ branch office in Houston. She worked at UBS until May 2024. With 23 years of experience as a broker, she has completed three industry exams, including the Series 63 and Series 7. Having been barred from acting as a broker, she is not longer registered with any FINRA member firm.
Concerned about Broker Fraud? Speak to an Investor Advocate Today
Have you lost money investing with Tracy Longstreet? MDF Law may be able to help you get the recourse you deserve. Our lawyers have decades of experience recovering millions in investment losses for their clients. We currently offer free consultations nationwide: call 800-767-8040 to discuss your options today.