From January 2019 through June 2023, UBS Financial failed to establish and implement policies and procedures for its AML compliance program that could be reasonably expected to detect and cause the reporting of suspicious transactions involving foreign currency wires. As a result, the firm failed to reasonably monitor and investigate foreign currency wires involving, among other issues, high-risk geographic locations, unusually large dollar amounts, and no apparent business purpose.

From August 2021 to May 2025, Jacobs, while associated with State Farm, engaged in an outside business activity without providing prior written notice to the firm in violation of FINRA Rules 3270 and 2010. For this conduct, Jacobs is suspended in all capacities for two months and fined $2,500.