Sonia Maria Fernandez
Background Of Sonia Maria Fernandez (CRD No. 4130144 )
Fernandez joined the securities industry in 2000. After associations with four FINRA
members, Fernandez became associated with UBS Financial Services Inc. in February
2012 as a General Securities Representative. In a Uniform Termination Notice for
Securities Industry Registration (Form U5), UBS reported that Fernandez had resigned on
June 24, 2019 while under review by the firm concerning checks to her from an outside
bank account. Fernandez has been associated with Kovack International Wealth
Management, Inc. as a General Securities Representative since July 2019.
Respondent does not have any disciplinary history with the Securities and Exchange
Commission, any state securities regulators, FINRA, or any other self-regulatory
organization.
Did You Know?
FINRA (Financial Industry Regulatory Authority) is an American corporation with private ownership. The firm is a self-regulatory organization that affects the member brokerage firms and exchange markets.
Activity(s) Reported – Sonia Maria Fernandez
Between December 2014 and August 2016, Fernandez engaged in five transactions,
totaling $70,500, in which she circumvented firm procedures to cash checks for two of
her non-U.S. customers during their visits to the United States. In connection with each
transaction, Fernandez withdrew cash from her personal bank account away from UBS
and delivered the cash to the customer at an in-person meeting. Around the same time
that she delivered the cash, she received a check from the customer for the same amount
drawn on the customer’s UBS brokerage account but made payable to an entity a
colleague of Fernandez controlled. Fernandez delivered the customer’s check to her
colleague, who deposited it in the entity’s bank account away from UBS. Fernandez then
received from her colleague a check for the same amount, made payable to her, from the
entity’s bank account. Fernandez deposited that second check into her personal bank
account.
Fernandez instructed her customers to make the checks payable to her colleague’s entity
rather than to herself directly to avoid detection by UBS. Had the checks been payable to
Fernandez, she would have been identified as the payee on UBS’s internal system and the
customers’ account statements. UBS’s policies and procedures prohibited employees
from entering into financial relationships or transactions with customers absent preapproval by the firm. Fernandez was aware of this general prohibition because she had
previously been subject to a written warning from UBS in October 2012 for violating the
same policy.
Accordingly, Fernandez circumvented UBS’s policies and procedures by engaging in the
five check-cashing transactions without pre-approval in violation of FINRA Rule 2010,
which requires associated persons to observe high standards of commercial honor and
just and equitable principles of trade in the conduct of their business.
Penalty(s) and Sanctions
A 20 calendar-day suspension from association with any FINRA member in all capacities; and A fine of $2,500.
Respondent agrees to pay the monetary sanction upon notice that this AWC has been
accepted and that such payment is due and payable. Respondent has submitted an
Election of Payment form showing the method by which she proposes to pay the fine
imposed. Respondent specifically and voluntarily waives any right to claim an inability to
pay, now or at any time hereafter, the monetary sanction imposed in this matter.
Respondent understands that if she is barred or suspended from associating with any
FINRA member, she becomes subject to a statutory disqualification as that term is
defined in Article III, Section 4 of FINRA’s By-Laws, incorporating Section 3(a)(39) of
the Securities Exchange Act of 1934. Accordingly, she may not be associated with any
FINRA member in any capacity, including clerical or ministerial functions, during the
period of the bar or suspension. See FINRA Rules 8310 and 8311.
Recent Activity(s)Of The Individual/Firm
Respondent does not have any disciplinary history with the Securities and Exchange
Commission, any state securities regulators, FINRA, or any other self-regulatory
organization.
How To Spot A Fraud Finance Advisor (Infographic)
Help For Victims Of Sonia Maria Fernandez
If you have lost funds because of misrepresentation, unsuitable investment, or unsuitable investment strategy from Sonia Maria Fernandez. Then you can take legal action and get justice. Fraud, Malpractice & dereliction of duty should not be taken lightly, especially in this industry. We highly suggest that you notify authorities or seek legal action if your financial advisor or brokerage firm fails to abide by FINRA’s rules are regulations.
Financial advisors are regulatory & legally obligated to suggest (recommend) the most suitable investments/investment strategies to their clients. Their suggestions should have their client’s best interests and should be appropriate for their client’s goals and needs. Similarly, the brokerage firm which hires financial advisors also has a regulatory & legal obligation to keep a close watch and supervise their Financial Advisors’ practices & behavior. They need to make sure that the financial advisor is not being manipulative or having an unreasonable bias towards certain investments. If the financial advisor and/or the brokerage firm breaches these duties, then the client/customer may be entitled to a full or partial recovery of their losses.
Financial advisors need to have the interest of their clients when giving suggestions related to investments and investment strategies. Reasonable basis suitability requires the advisor to do their best to analyze & identify the risks and rewards associated with their suggested investment and/or investment strategy.
Pratul V. Agnihotri
Dan Henry
Dr. Henrique Duck, PhD in Media Studies and Critical Theory, specializes in writing detailed critics stories and reviews. He has contributed to prominent newspapers and websites, providing insightful analysis of media content and its effects on society.
