Former Broker Kenneth Tyrrell Ordered To Pay Back UBS

According to AdvisorHub online, former UBS broker Kenneth Tyrrell has been ordered to pay back UBS the balance on his hiring-bonus “loan” plus interest, and UBS’ legal bill. He owes UBS $262,773 on his loan and $9,000 in costs and lawyer fees, according to an award decision published Tuesday that affirmed UBS’ claim of breach of promissory note and unjust enrichment. Tyrrell was discharged from UBS in 2016 after being with the firm for seven years, after he was accused of undisclosed private securities transactions, outside business activities and compliance certifications. FINRA threw him out of the securities industry in December, citing 11 private securities transactions and his role as a business advisor to trusts and charities associated with a client, believed to be pitcher Justin Verlander. These are all against securities laws and internal firm rules. A broker participates in outside business activities so he does not have to share those commissions he receives with his firm. This is sometimes referred to as “selling away.” Tyrrell’s former firm, UBS, may be liable for losses on a contingency fee basis. Please call today to find out how you may be able to bring a claim against the firm. Attorneys are standing by.
According to FINRA records online, Kenneth Tyrrell was previously registered with Washington Square Securities, Merrill Lynch, First Union Brokerage Services, Wachovia Securities, UBS in Vienna, Virginia from November 2008 until September 2016, and Cary Street Partners in Richmond, Virginia from August 2016 until October 2017. He has two customer disputes against him alleging unsuitable investments and unauthorized trades, and one regulatory matter. He has been permanently barred from the industry.