Fired UBS Adviser Reignites Palm Beach Scandal Over Rich Widow
"Holy crap!" That's how Craig Price, a UBS AG senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach restaurant. It wasn't the size of the bill that stunned him. It was who paid for it — an ailing, 90-year-old UBS client.
August 16, 2017 at 11:00 PM
8 minute read
“Holy crap!” That's how Craig Price, a UBS AG senior vice president, told securities regulators he reacted when he saw the $2,600 tab for a client-development dinner he attended at an upscale Palm Beach restaurant. It wasn't the size of the bill that stunned him. It was who paid for it — an ailing, 90-year-old UBS client.
The client wasn't even at the dinner, but the broker who managed her trust was. So was the broker's girlfriend, a longtime confidant of the client who had power of attorney over the trust. The trust paid the bill.
Price dug deeper. He says he ultimately discovered bigger charges to the trust: a Bentley in the girlfriend's name, a trip to Toronto on a private jet and an attempted fund transfer to buy a penthouse apartment in the girlfriend's name.
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