Understanding the Impact of Missteps by Financial Broker Gregory Allen Foster

As a financial analyst and writer, I’ve seen my fair share of the ups and downs in the investment world. I understand that when people invest their savings, they expect growth, not losses. This expectation was challenged by reports of misconduct involving a broker named Gregory Allen Foster [CRD: 1532735]. He has been associated with UBS Financial Services Inc since 2010 but now faces serious claims of ignoring client instructions, leading to financial consequences. These disputes are laid bare on the Financial Industry Regulatory Authority (FINRA) BrokerCheck, shining a light on several allegations against him.

Disregarding Direct Instructions from Clients

In a particular instance, from March 17, 2020, to March 19, 2020, a client came forth with a claim that Foster did not execute their wish to liquidate their account as directed, which resulted in a monetary loss. The client put in a complaint for sizable damages, to the tune of $575,000. To clear up the matter, UBS Financial Services Inc. settled with the client on June 1, 2020, handing over $466,625.37.

The Fallout of a Mishandled Trade

Another grievance was filed against Foster on March 27, 2023, where a client alleged that Foster had mishandled a necessary Form 144. This led to the cancellation of their trade and, as a result, financial damages estimated at around $300,000. UBS Financial Services Inc. settled the complaint on August 28, 2023, by paying the client $326,111.

An Oversight in Fulfilling Liquidation Requests

A similar complaint about Foster surfaced on June 1, 2020. According to the client, Foster again failed to carry out their request to liquidate certain holdings. UBS Financial Services followed the precedent from the earlier case by compensating the client with the same amount of $466,625.37.

stock news(AD) Lost money because of bad financial advice or outright fraud? You may get it back by filing a complaint. Haselkorn & Thibaut has 50+ years of experience and a 98% success rate. Don’t delay if you’ve suffered losses. 

Call Haselkorn & Thibaut at 1-888-784-3315 for a free consultation, or visit InvestmentFraudLawyers.com to schedule. No Recovery, No Fee.

Even before his tenure at UBS Financial Services Inc., Foster faced allegations at RBC Wealth Management where a client claimed he didn’t follow through with their order to liquidate stocks. RBC Wealth Management resolved this by settling with the client for $9,999 on February 4, 2010.

These events serve as a stark reminder of the importance of due diligence. As an investor, it’s vital to trust in a broker who will faithfully execute your investment strategies. Brokerage misconduct, such as failing to act on client instructions, is not only a breach of trust but a violation of FINRA regulations.

Warren Buffett famously said, “It takes 20 years to build a reputation and five minutes to ruin it.” This is particularly true in the financial industry. Although Foster and his associated firms have denied the allegations, the lesson here is for investors to remain alert and informed. It is always wise to thoroughly investigate a broker’s history and credentials before entrusting them with your assets.

If you suspect you’ve incurred losses due to Gregory Foster’s actions, I encourage you to consult with a knowledgeable securities attorney to discuss the possibility of recouping your investments.

A startling financial fact to consider: a report by the Securities Litigation & Consulting Group found that bad financial advisors cost investors approximately $17 billion a year. This underscores the importance of verifying an advisor’s record and reputation, which includes scrutinizing their FINRA CRD number, to safeguard your investments.

In sum, investing is a forward-thinking move, but it necessitates a vigilant eye on those managing your finances. Only with the right oversight and insight can you hope to see your investments burgeon to their full potential.

Scroll to Top