UBS’s Reasoning for 2018 Firing of Financial commitment Banker Was Defamatory, Finra Procedures

UBS experienced accused James Boland and a lieutenant of not informing superiors and compliance officials that they had reclassified a bond the organization was underwriting as a bank loan.



Photograph:

Francois Glories/Zuma Press

UBS Group AG’s

UBS 3.65%

rationale for the 2018 firing of a senior financial commitment banker was defamatory and should really be expunged from his document with regulators, in accordance to an arbitration ruling issued this week.

The ruling, unveiled Monday by a panel of arbitrators for the Economical Business Regulatory Authority, retains that the rationale for the termination of

James Boland

really should be transformed to “voluntary” and the explanation need to be eradicated fully.

The decision isn’t closing as it even now requires a signoff from Finra’s registrations, credentialing, training and disclosure division.

UBS fired Mr. Boland, a bank veteran who ran its leveraged-finance group, in December 2018. The lender accused him and a lieutenant of not informing superiors and compliance officers that they had reclassified a bond the agency was underwriting as a personal loan, The Wall Road Journal previously reported.

Bank financial loans are topic to authorities recommendations aimed at curbing abnormal chance, while bonds aren’t. Corporations that defy regulators chance fines and other sanctions.

Mr. Boland maintained that he had followed the proper reporting strategies and was appealing, the Journal claimed.

The Finra panel’s conclusion arrived just after a evaluation of proof and testimony similar to the make any difference. “The panel endorses expungement based on the defamatory nature of the details,” its ruling explained.

Mr. Boland is “extraordinarily pleased” with the arbitration consequence, said his lawyer, John Singer of Singer Deutsch LLP. Mr. Boland “worked laboriously for UBS for just about 20 many years and was at all occasions an immensely worthwhile, devoted, and compliance-oriented senior government with unflinching integrity,” Mr. Singer stated.

Erica Chase, a spokeswoman for UBS, stated the Swiss financial institution “opposed the expungement request and disagrees with the panel’s suggestion.”

Create to Miriam Gottfried at [email protected]

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Appeared in the May 5, 2022, print edition as ‘Finra Faults UBS Basis for Firing.’

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