Zachary Hansen has been suspended for 45 days and fined $7,500 for using his personal cell phone to communicate with customers. 

According to the Financial Industry Regulatory Authority (FINRA), Hansen communicated with clients about business-related matters via text without approval or supervision by UBS. The text communications included conversations concerning account performance, transactions and market events.

FINRA said that Hansen's actions caused UBS to violate FINRA's Rule 4511. Rule 4511 requires preserving accurate books, records, and business-related client communications for at least three years. UBS violated the rule because the texts were not logged. A violation of Rule 4511 also triggered a violation of FINRA's catch-all Rule 2010.

According to Hansen's BrokerCheck, UBS terminated Hansen in 2020 for violation of firm policy, including facilitating selling away, inappropriate use of electronic communications with clients, mishandling customer complaints, and failure to disclose personal investments along with an outside business. UBS also settled two client claims connected to Hansen.

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