A former UBS Wealth Management USA broker in yearslong litigation with the wirehouse over a whistleblower retaliation claim has won $650,000 in damages on a corollary defamation claim he brought against two former officemates.
Craig D. Price, who worked in UBS’s Stuart, Florida branch until his February 2016 discharge, claimed his fellow brokers Raymond C. Klahne and William J. Gilcher told his customers in the weeks after his termination that Price engaged in “criminal” activities and was not to be trusted, according to the award, which was finalized last week, and other court filings.
UBS had reported on Price’s U5 termination form that it fired him over allegations of insider trading in a low-priced security, according to BrokerCheck. Price denied the allegations in a comment appended to the disclosure and filed a whistleblower retaliation and wrongful termination lawsuit that remains pending in federal court.
Price, who had worked at UBS for almost two-thirds of his 22-year brokerage career and has since worked solely as an independent advisor representative, said in an interview Tuesday that he was pleased with the panel’s decision. While badmouthing former colleagues can be a common practice in the battle to retain clients, the panel seemed to be drawing a line, he said.
“I’m very satisfied that the panel recognized that defamation is not an acceptable way of competing for business and that they sent a message to UBS and the industry that defamation of a former...
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