Ex-Merrill Broker in Expense Fray Signs Up Quickly with UBS Ex-Pats
A former million-dollar Merrill Lynch producer in Manhattan who was sidelined last month over alleged expense account infractions has found a new home with a group of UBS émigrés in Shelton, Connecticut.
Charles “Chad” Pouliot joined Procyon Private Wealth Partners, a registered investment adviser founded by former UBS Financial Services broker Phil G. Fiore, the firm said. Pouliot, whose nine-year brokerage career was spent entirely at Merrill, joined Procyon as an investment adviser on November 9, according to Securities and Exchange records.
“I am committed to providing my clients the best execution and the best services available in the market,” Pouliot said in a prepared statement ballyhooing the “open architecture” advisory and technology choices that many independents contrast with wirehouse platforms.
Pouliot said he was “not at liberty” to comment on his past relationship with Fiore or on his termination for what his BrokerCheck history says was “conduct involving submission of inaccurate expense reimbursement reports.”
Fiore was himself fired from UBS last November for allegedly failing to disclose outside client-related business activities to the firm. His dismissal was notable because of the size of his UBS practice: his team at the time managed around $8 billion for “institutional” and other customers and generated $6 million in fees and commissions.
Fiore, who has recruited some of his former team to Procyon, successfully challenging an attempt by UBS to restrain him and the firm from contacting former clients. He referred comments on Pouliot’s arrival to Dynasty Financial Partners, which provides middle-office, operational and transition services to his RIA.
Procyon managed some $1.6 billion in client assets as of September 30, according to a Dynasty spokeswoman, who said Fiore and Pouliot knew each other through “industry events.”
The Financial Industry Regulatory Authority has been cracking down on expense-account violations as well as unreported outside business activities, though have protested that corporate executives escape expense sanctions and that outside business transactions can be difficult to define.
Finra last week suspended and fined former Merrill broker Sandy Galuppo for expense-account violations while a complex manager left Merrill last month while being investigated for “improper submissions.”