Open Accessibility Menu

Former UBS Broker Sued By SEC for Defrauding Blind, Elderly Customers

Meyer Wilson

By Courtney Werning

Up until April, Donna Jessee Tucker was working as a broker for UBS Financial Services, Inc. ("UBS"), one of the largest brokerage firms in the world. On July 31st, the Securities and Exchange Commission ("SEC") filed suit against her in the Western District of Virginia for defrauding customers of UBS and misappropriating over $730,000 from elderly customers. According to the SEC complaint, Tucker stole almost $350,000 from a blind couple by liquidating mutual fund shares and forging checks to "cash" with the proceeds of the sale.

In another instance, Tucker forged elderly customer's signatures to open lines of credit with their brokerage accounts as collateral, and then diverted the loan proceeds to her personal bank accounts. According to the SEC complaint, Tucker also repeatedly told customers that they were making money and could take distributions from their accounts. In reality, the accounts were losing money, and Tucker was sending them distributions made up of a portion of their principal investment. When the accounts were empty, Tucker tried to hide her conduct by funding the disbursements with proceeds from her other customers' fraudulent lines of credit.

Unfortunately, it is not uncommon for fraudsters to prey upon the elderly. Older adults often become targets of financial exploitation by scam artists, dishonest financial advisors, and even trusted friends and family members.

If you have been the victim of an investment scam or stockbroker misconduct, don't wait until it's too late to recover your losses. The investment fraud attorneys with Meyer Wilson have helped more than 900 clients recover their losses, and we represent clients nationwide in stockbroker mediation, arbitration, and litigation. Call us today at 888-390-6491.