Subscribe to our mailing list

* indicates required

 

 

 

 

BROWSE BY TOPIC

ABOUT FINANCIALISH

We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.

 

Stay Informed with the latest fanancialish news.

 

SUBSCRIBE FOR
NEWSLETTERS & ALERTS

FOLLOW US

Archive

Departing RR Corrupts Firm's Customer Database

May 17, 2012
[ by Melanie Gretchen ] An RR in South Natick, MA, sought to take his customers with him upon leaving one firm for another.  To this end, he went into the computer system and changed the telephone and e-mail records of some customers, so that his current firm would not be able to contact them once he left. FINRA Findings and Allegations. From October 21, 1997 to February 11, 2009, Leonard Eric Burd was registered with FINRA as a General Securities Representative through member firm UBS Financial Services Inc.  As a Private Wealth Advisor at its Wellesley, MA, office, he improperly altered customer contact records in his employer member firm's computer system, in violation of NASD Conduct Rule 3110 and FINRA Rule 2010. From at least October 2008 through January 2009, Burd began seeking employment outside of UBS, which he found in January 2009, at another FINRA member firm.  While still employed at UBS, Burd accessed its computer system and made alterations to the telephone and e-mail contact records for approximately 51 of his customers there, on or about 2/2/9 and 2/3/9.  This included the deletion of telephone numbers, the entry of inaccurate and non-working telephone numbers, and the deletion of e-mail addresses. Upon being detected by the firm's exception report system on 2/3/09, Burd was questioned about the alterations by firm personnel on at least 2 occasions, on or about 2/4/09 and 2/6/09, during which he falsely stated, in sum and substance, that the alterations were inadvertent and that he was not leaving the Firm.  On 2/11/09, he resigned.  Upon departure, Burd retained a document in its original, unaltered form, containing customer contact information for the UBS customers that he serviced, including the 51 customers. FINRA Sanctions. Burd was suspended for 30 business days from 3/19/12 through 4/30/12 and fined $5,000.  Currently, he is registered as a General Securities Representative and Principal through another FINRA member firm, whereby he remains subject to FINRA's jurisdiction. For further details, go to [FINRA AWC # 2009017279201] and [May 2012 Monthly & Quarterly Disciplinary Actions].