UBS Financial Services Inc. (“UBS Financial Services”) (CRD# 8174) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated UBS Financial Services, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you believe you have a claim against UBS Financial Services, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
Can I Sue UBS Financial Services?
If you’ve lost money caused by UBS Financial Services and/or its employees’ misconduct then the answer is, YES, you can sue UBS Financial Services but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue UBS Financial Services in FINRA arbitration proceedings, but WIN that arbitration. The easiest way to know if you have a viable case against UBS Financial Services is to call Attorney Pearce at our office at 800-732-2889.
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
What is UBS Financial Services?
UBS Financial Services (CRD# 8174) is a registered broker-dealer. It operates as a full-service independent broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, UBS Financial Services is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.
A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
UBS Financial Services Has Many Different Regulatory Problems
UBS Financial Services’ rapid growth has not been without consequences. There have been approximately 469 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against UBS Financial Services for misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. UBS Financial Services is a repeat offender: there are over 469 FINRA-reported disciplinary proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems UBS Financial Services Has Faced Over the Years*
UBS Financial Services has been repeatedly censured, warned, and fined multi-millions of dollars for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Massive Fines, Awards Against UBS Financial Services
Brief Overview: John Maccoll, a registered representative of UBS Financial Services, embezzled over $3.7 million from more than a dozen customers between April 2010 and March 2018. The Securities and Exchange Commission filed charges against Maccoll, highlighting his use of “high pressure sales tactics” to deceive elderly and retired customers into investing in a fraudulent private fund. Maccoll pleaded guilty to wire fraud and received a nine-year prison sentence. The case shed light on UBS Financial Services’ supervisory failures and its failure to safeguard customers’ investments.
$8 Million Penalty over ETN Trades
Brief Overview: In July 2021, UBS Financial Services was ordered to pay an $8 million penalty by the Securities and Exchange Commission for its failure to supervise sales of iPath S&P Short-Term Futures ETN (VXX). The SEC found that UBS advisors held VXX products in customer accounts for extended periods, including hundreds of accounts that held the product for over a year. UBS advisors’ flawed understanding of the appropriate use of volatility-linked ETPs resulted in significant losses for customers. The SEC emphasized the importance of advisory firms protecting clients from inappropriate investments in complex financial products.
$9 Million Award in Puerto Rico Bond Complaint
Brief Overview: UBS Financial Services extended a “non-purpose” loan of $8 million to a customer named Luis Romero Lopez, allowing him to invest in closed-end Puerto Rico bond funds. When the Puerto Rico bond market experienced a downturn, Lopez’s account balance plummeted, resulting in substantial losses. A FINRA panel found that UBS violated federal regulations and ordered the firm to pay Lopez $7.9 million in compensatory damages and $1 million in punitive damages.
$18.5 Million Penalty Over Puerto Rico Bonds
Brief Overview: In 2015, FINRA fined UBS Financial Services $18.5 million in fines and restitution over unsuitable Puerto Rico closed-end bond fund transactions. The firm failed to supervise bond transactions and neglected to monitor leverage and concentration levels in customers’ investments. UBS was aware of the unique circumstances surrounding Puerto Rico bond investments but did not take adequate steps to ensure suitability. The market downturn resulted in substantial losses for customers, particularly those who had opened lines of credit collateralized by highly concentrated accounts. UBS was ordered to pay $7.5 million in fines and $11 million in restitution.
$15 Million Penalty over Unsuitable Reverse Convertible Notes
Brief Overview: UBS faced charges from the SEC for its failure to train salespeople adequately in selling reverse convertible notes (RCNs) to retail investors. The firm made unsuitable recommendations of RCNs to thousands of customers, resulting in significant losses. UBS agreed to a settlement with the SEC, paying over $9 million in disgorgement and a $6 million penalty. The case highlighted the importance of firms ensuring their financial advisors comprehend the risks and rewards of complex financial products when recommending them to investors.
*Above are only some of the regulatory disciplinary actions filed against UBS Financial Services by FINRA. NASSA and other state securities regulator investigations and enforcement actions account for another 469 BrokerCheck disclosures.
UBS Financial Services Customer Complaints
There have been scores of customer complaints filed against UBS Financial Services stockbrokers and investment advisors over the years. We have launched many investigations of current and former UBS Financial Services advisors:
- Nicholas Finn of UBS Financial Securities, Inc.
- Adam Epstein of UBS Financial Services INC
- Donald Dever of UBS Financial Services Inc.
- Eladio Santiago of Cambridge Investment Research, Inc
- John Torres of J.P. Morgan Securities LLC
- Mark Zeller of UBS Financial Services Inc.
- Nancy Glassman of Morgan Stanley
- Ortal Shacar of UBS Financial Services Inc
- Simon Clarke of UBS Financial Services Inc
- Stephen Ferencik of Arkadios Capital
- Todd Perry of UBS Financial Services Inc.
- Richard Bernstein of Wells Fargo Clearing Services, LLC
- William Shreve of UBS Financial Services Inc.
- Chad Allen of Oppenheimer & Co. Inc.
- Cary Moskowitz of UBS Financial Services Inc.
- Cory Williams of Taylor Capital Management Inc
- Giustino Destefano of Securities America, Inc.
- Dervinder Singh of Equitable Advisors
- Julian Gingold formerly with UBS Financial Services
- David Fenning of Morgan Stanley
- Jeffrey Fladell of RBC Capital Markets, LLC
- Wilson Colberg-trigo of First Southern
- Dawn Coleman-Hyman of Pruco Securities
- Jennifer Broderick of UBS Financial Services Inc.
- Melinda Abood of UBS Financial Services
- Ibrahim Arce of UBS Financial Services
- Ajay Gupta Formerly With UBS Financial Services Inc.
- Alan Beugg of Purshe Kaplan Sterling Investments
- Armani Miller of J.P. Morgan Securities LLC
- Ayad Amary of TIAA-CREF Individual & Institutional Services, LLC
- Brent Lane of UBS Financial Services Inc.
- Brett Whitten of UBS Financial Services Inc.
- Brian Lineberger of UBS Financial Services Inc.
- Brian Mulvey formerly with UBS Financial Services, Inc.
- Brian Allen of Raymond James Financial Services, Inc.
- Andrew Ruboyianes of UBS Financial Services
- Frederick Stortecky of GWN Securities
- Louis Taylor of Wells Fargo Clearing Services
- Greg Thogersen of UBS Financial Services
- Roy Tonning of UBS Financial Services
- Winston Turner Formerly With Pruco Securities
- Joseph Valdini Formerly With Aegis Capital
- Derek Vance of UBS Financial Services
- Daniel Torroba of UBS Financial Services
- Felipe Vargas of Insigneo Securities
- James Watson of Wells Fargo Clearing Services
- Jay Weil formerly with Cambridge Investment Research
- George Merhoff of Cetera Advisors
- Gerard Joesph Costello of UBS Financial Services, Inc
- Gabriel Block of First Standard Financial Company, LLC
- Roderick Von Lipsey of UBS Financial Services, Inc
- Shlomo Strugano of First Allied Securities, Inc and formerly with Kovack Securities
- Luis Rosario of Oppenheimer & Co. Inc
- John Bankhead of Morgan Stanley
- Eric Wittenberg of UBS Financial Services Inc
- Jason Dworak of UBS Financial Services, Inc
- Jeffrey Goodstein of Morgan Stanley
- James Kelly of UBS Financial Services, Inc
- Douglas Domian of UBS Financial Services
- Andrew Kahner of UBS Financial Services
- Ricardo Guimaraes of Morgan Stanley
- Jeremy Keller of UBS Financial Services
- Marc Laborde of Rockefeller Financial
- Franklin Laden of UBS Financial Services
- Matthew Lasko of UBS Financial Services
- Whittaker Mack of J.P. Morgan Securities
- John Loehr of Edward Jones
- Jon Thompson of CUNA Brokerage Services
- Steven Torrico of UBS Financial Services
- Ann Trainor of UBS Financial Services
- Gary Vance of UBS Financial Services
- Teresa Mathies of Edward Jones
- Bryan Mazliach Formerly With WestPark Capital
- Gary McDaniel of Fidelity Brokerage Services
- Teena Milldebrandt of Cetera Advisor Networks
- Shaun Mutch of UBS Financial Services
- John Neal of Vanguard Marketing
- Shailesh Negandhi of UBS Financial Services
- Taylor Powell of DFPG Investments
- Vicente del Rio of UBS Financial Services
- Shelsey Robertson of UBS Financial Services
- Adam Rogers of UBS Financial Services
- Melinda Abood of UBS Financial Services
- James Small Of Morgan Stanley
- Stuart Spence Formerly With UBS Financial Services
- Bernie Townes Of Janney Montgomery Scott
- Anthony Sica of Joseph Gunnar & Co.
- Stuart Sierer of UBS Financial Services
- Dwight West of UBS Financial Services
- James Abernethy of UBS Financial Services
- Amr Aboulmagd formerly with NYLIFE Securities
- Samuel Humphreys of UBS Financial Services
- Joshua Adler Of Merrill Lynch Pierce Fenner & Smith
- Ricardo Armijo of Raymond James Associates
- Brian Ballard of UBS Financial Services
- Nicolas Barrios Formerly With UBS Financial Services
- Joseph Bergamo Of UBS Financial Services
- Brian Blackburn of UBS Financial Services
- Lary Bloom of Wells Fargo Clearing Services
- Joshua Breeden of UBS Financial Services
- Roger Ingwersen of Purshe Kaplan Sterling Investments
- Anthony Brookfield of UBS Financial Services
- Ray Burns of UBS Financial Services
- Jeffrey Burton of Wells Fargo Advisors Financial Network
- Michael Carelli of UBS Financial Services
- Michael Charles of Craft Capital Management
- Margareta Childs Formerly With Western International Securities
- Doron Kochavi of Western International Securities
- Jonathan Lake of Wells Fargo Clearing Services
- Harold Langer of RBC Capital Markets
- Timothy Millis of NYLIFE Securities
- Michael Ovitt of RBC Capital Markets
- Regina Onkst of Ameriprise Financial Services
- Mike Persia of UBS Financial Services
- Brant Ferguson of UBS Financial Services
- Vincent Fiorentino of Wells Fargo Clearing Services
- Gregory Foster of UBS Financial Services
- John Fulton of UBS Financial Services
- William Kessler of Founders Financial Securities
- John Davis of Raymond James Financial Services
- John Davenport of Liberty Partners Financial Services
- Ajay Desai of UBS Financial Services
- Douglas Digiorno of UBS Financial Services
- Brian Donaldson of UBS Financial Services
- Gregory Eknoyan of UBS Financial Services
- Daniel Egbert of UBS Financial Services
- Patrick Donnelly of Raymond James Financial Services
- John Hoekman formerly with Wells Fargo Clearing Services
- Matthew Hoffman of J.P. Morgan Securities
- Bradley Hyldahl of UBS Financial Services
- Javier Jaramillo of Morgan Stanley
- Clifford Virgin of UBS Financial Services
- Matthew Lane of RBC Capital Markets
- Paul Koch of RBC Capital Markets
- Neil Konigsberg of UBS Financial Services
- Tod Lenhoff formerly with Madison Avenue Securities
- Howard Leon of Newbridge Securities
- Andrei Livadariu of Oppenheimer & Co.
- John Loughran of UBS Financial Services
- Janet Marcantonio of UBS Financial Services
- Michael Margiotta of Merrill Lynch Pierce Fenner & Smith
- Barry Mitchell of UBS Financial Services
- Heather Molin of UBS Financial Services
- Emily Nikoloudis of Purshe Kaplan Sterling Investments
- Jack McBride of B. Riley Wealth Management
- Peter McColgan of Wells Fargo Clearing Services
- Robert Perlman of UBS Financial Services
- Alexander Phillips of UBS Financial Services
- Michael Robertson of Morgan Stanley
- Massimo Romano of Wells Fargo Clearing Services
- Peter Rukeyser of UBS Financial Services
- William Rose of UBS Financial Services
- Bradley Rubin of UBS Financial Services
- Robert Schultz of Wells Fargo Clearing Services
- John Sommo Formerly With UBS Financial Services
- Steven Seimears of Ameriprise Financial Services
- Shay Scruggs of Rockefeller Financial
- Bradley Renberg of Ameriprise Financial Services
- Mark Sullivan of UBS Financial Services
- Steven Syslo of UBS Financial Services
- John Weber of Wells Fargo Advisors Financial Network
- David Wehrman of UBS Financial Services
- Alexander Williams of UBS Financial Services
- Wesley Wong of Wells Fargo Advisors Financial Network
- Brian Wurdemann of RBC Capital Markets
- John Young of UBS Financial Services
- Billy Allen formerly with Legend Equities
- Adam Brinkley of UBS Financial Services
- Benjamin Brown of UBS Financial Services
- Christopher Burtraw formerly with J.P. Turner & Company
- Jason Bourgo of Ameriprise Financial Services
- Michael Cormier of RBC Capital Markets
- Kathryn Cosgrove of Goldman Sachs & Co.
- Afifa Yusof formerly with Edward Jones
- Tonya Rice Of UBS Financial Services
- Chris Billingsley of UBS Financial Services Inc.
- Christiane Olsen of UBS Financial Services Inc.
- Joshua Breeden of UBS Financial Services
- Alejandro Gonzalez of UBS Financial Services Inc.
- Charlene Causey of UBS Financial Services Inc.
- Aaron Vilfordi of Ameriprise Financial Services, LLC
- Carlos Abad formerly with TFS Securities, Inc.
- Andrew Ortiz formerly with UBS Financial Services Inc.
- Allan Klenke of Morgan Stanley
- Blair Cannon of UBS Financial Services Inc.
- Bradd Cuppels of UBS Financial Services Inc.
- Alexander Ladage of UBS Financial Services Inc.
- Luis Garcia Formerly With UBS Financial Services
- Charles Lawson of UBS Financial Services Inc.
- Charles Davis of Allstate Financial Services, LLC
- Christopher Black of UBS Financial Services Inc.
- Christopher Weng of Raymond James & Associates, Inc.
- Christopher Marmion of UBS Financial Services Inc.
- Cole Mills of LPL Financial LLC
- Cory Durham of UBS Financial Services Inc.
- Crystaline Kopriva of UBS Financial Services Inc.
- Cynthia Farnsworth of Ameriprise Financial Services, LLC
- Dale Emerick of UBS Financial Services Inc.
- Daniel Torres formerly with Wells Fargo Clearing Services, LLC
- David Obolensky of UBS Financial Services Inc.
- Denis Roy of UBS Financial Services Inc.
- Dennis Oleszkowicz of UBS Financial Services Inc.
- Dominic Palmisano of UBS Financial Services Inc.
- Don Henry formerly with TIAA-CREF Individual & Institutional Services, LLC
- Douglas Massey of UBS Financial Services, Inc.
- Eric Moreno of UBS Financial Services Inc.
- Eric Yamin of Morgan Stanley and formerly with UBS Financial Services, Inc.
- Fernando Gonzalez UBS Financial Services Inc.?
- Frank Moore with UBS Financial Services Inc.
- Frederick Long of UBS Financial Services Inc.
- Furman Sheppard of UBS Financial Services Inc.
- Garth Allan of UBS Financial Services Inc.
- George Vilfordi III of Ameriprise Financial Services, LLC
- German Nino formerly with UBS Financial Services Inc.
- Gerald McGinley UBS Financial Services Inc.
- Ghislain Gouraige, Jr. Of New Edge Wealth
- Gerard Melley of UBS Financial Services Inc.
- Glenn Childres of UBS Financial Services Inc.
- James Beste of Ameriprise Financial Services
- Henry Hernandez of UBS Financial Services Inc.
- Henrique Lucena of Laidlaw & Company (UK) Ltd.
- Henry Jakobsze of UBS Financial Services Inc.
- Henry Goodman Formerly With UBS Financial Services Inc.
- Horacio Gomez-Rabago of Oppenheimer & Co. Inc.
- Jaime Casellas formerly of Santander Securities LLC
- James Garner of Raymond James & Associates, Inc.
- James Lacey, Jr of Morgan Stanley
- Jared Kaplan of NewEdge Securities, Inc.
- Javier Naselli of UBS Financial Services Inc.
- Javier Estremera of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Jeffrey Cadan formerly with Morgan Stanley
- James McKinney, formerly with Cetera Advisors LLC
- Jeremy Shull of UBS Financial Services Inc.
- John Brunello of UBS Financial Services Inc.
- Jerry McCutchen, Sr of Berthel, Fisher & Company Financial Services, Inc.
- Jesse Fable of UBS Financial Services Inc.
- John Palmer-Kamprath of UBS Financial Services Inc.
- Jorge Pesquera formerly with UBS Financial Services Inc.
- Jose Garcia-Talavera formerly with UBS Financial Services Inc.
- Jose Ramirez, Jr. formerly with UBS Financial Services Inc.
- Jose Cornide, Jr. formerly with UBS Financial Services Inc.
- Joseph Whitney formerly with Wedbush Securities Inc
- Juan E. Goytia of UBS Financial Services Inc.
- Kathleen Entwistle of Morgan Stanley
- Kirk Badii of Independent Financial Group, LLC
- Kimberly Gillen of UBS Financial Services Inc.
- Kevin Wright of Rockefeller Financial LLC
- Luis Garcia formerly with UBS Financial Services Inc.
- Marc Ridell of UBS Financial Services Inc.
- Mark Redden of UBS Financial Services Inc.
- Mark Burns of LPL Financial LLC
- Marshall Hagen formerly with UBS Financial Services Inc.
- Marvin Vick formerly with Commonwealth Financial Network
- Matthew Buchsbaum of UBS Financial Services Inc.
- Michael Nichley of UBS Financial Services Inc
- Michael Douvadjian of Morgan Stanley
- Michael Pasquariello formerly with UBS Financial Services Inc.
- Michael Saunders formerly with Ameriprise Financial Services, Inc.
- Michael Yochum of UBS Financial Services Inc.
- Mike Mumford of UBS Financial Services Inc.
- Morey Perlmutter of UBS Financial Services Inc.
- Ned Pascucci of 1st Discount Brokerage, Inc.
- Neil Fineman formerly with First Allied Securities, Inc.
- Nicholas Catania of UBS Financial Services Inc.
- Paul Platek of UBS Financial Services Inc.
- Paul Haberek, Jr. of Wells Fargo Clearing Services, LLC
- Pauline Chu of UBS Financial Services Inc
- Peter Wagner of Oppenheimer & Co. Inc.
- Ralph Jackson, III of Morgan Stanley
- Rafael Comba of UBS Financial Services Inc.
- Ramiro Colon III of ACP Securities, LLC
- Richard Dellarusso of UBS Financial Services Inc.
- Richard Held of UBS Financial Services Inc.
- Robert Gordon-Brown of UBS Financial Services Inc.
- Robert Spina of UBS Financial Services Inc.
- Robert Turner, Jr. formerly with Stifel, Nicolaus & Company, Incorporated
- Robert Donovan of UBS Financial Services Inc.
- Robert Lapetina of Nationwide Planning Associates Inc.
- Roxann Romano of Morgan Stanley
- Schuyler Grey, III of Morgan Stanley
- Scott Merrill formerly with UBS Financial Services Inc.
- Sherry Rowland of UBS Financial Services Inc.
- Sonia Attkiss of UBS Financial Services Inc.
- Steven Westerman of UBS Financial Services Inc.
- Thomas Swan of Western International Securities, Inc.
- Victor Tomassini of UBS Financial Services Inc.
- Walter Brady, Jr. of J.P. Morgan Securities LLC
- William Huthnance of UBS Financial Services Inc.
- Xavier Aguayo Diaz of UBS Financial Services Inc.
- Zachary Hansen formerly with UBS Financial Services Inc.
- David Carlson of UBS Financial Services Inc.
- Michael Eustace of UBS Financial Services Inc
- Maria Gasparro of UBS Financial Services Inc.
- Marc Haggar of UBS Financial Services Inc.
- Gretchen Hargroder of UBS Financial Services Inc.
- Frederick Kort formerly with UBS Financial Services, Inc.
- Thomas Livaccari of UBS Financial Services Inc.
- Alfonso Boneta of Merrill Lynch, Pierce, Fenner & Smith Incorporated
- Frank Carrasco of UBS Financial Services Inc.
- Clinton Moore of UBS Financial Services Inc.
- Nichole Adams of UBS Financial Services Inc.
- Dimitri Rassias of UBS Financial Services Inc.
- Richard Gibbs of UBS Financial Services Inc.
- Thomas Stiller UBS Financial Services Inc.
- Joseph Katzaroff of UBS Financial Services Inc.
- Michael Lundon of UBS Financial Services Inc.
- Alexis Molina of UBS Financial Services Inc.
- Jason Pirnie formerly with UBS Financial Services Inc.
- Arthur Randall, III of UBS Financial Services Inc.
- Scott Rosenberg of UBS Financial Services Inc.
- Raymond Samuels of Fidelity Brokerage Services LLC
- John Seiber of UBS Financial Services Inc.
- Stephen Seiber of UBS Financial Services Inc.
- Jason Stephens of UBS Financial Services Inc.
- Taylor Thompson of UBS Financial Services Inc.
- Paul Addo, III of UBS Financial Services Inc
- David Ciprich of UBS Financial Services Inc.
- John Klaasen, IV of UBS Financial Services Inc.
- Raymond Byers of UBS Financial Services Inc.
- Mark Elias of UBS Financial Services Inc
- Andrew Kittelson of UBS Financial Services Inc
- Michael Hardy of UBS Financial Services Inc
- Rosa Fernandez formerly with UBS Financial Services Incorporated of Puerto Rico
- Franco Dimaio of UBS Financial Services Inc
- Fidel Trejo, Jr. of UBS Financial Services Inc
- Haydee Delgado of UBS Financial Services Inc
- Aishka Lugo of UBS Financial Services Inc
- Drew Freides of UBS Financial Services, Inc
- Steven Kocher of UBS Financial Services Inc.
- Stephen Rabinowitz of Fidelity Brokerage Services LLC
- Russell Rabito of UBS Financial Services Inc
- Roberto Fortuno of UBS Financial Services Inc.
- Brian Mariash of UBS Financial Services Inc.
- Tucker Wadkins of UBS Financial Services Inc
- Barry Schwartz of UBS Financial Services Inc
- James Schwarz of UBS Financial Services Inc
- John Sofranko, III of UBS Financial Services Inc
- Ernie Kloock of UBS Financial Services Inc
- Ernie Kloock of UBS Financial Services Inc
- Morgan Hees of UBS Financial Services Inc. Reviews
- Daisy Feng of UBS Financial Services Inc Reviews
- Daniel Fusco of Morgan Stanley Reviews
- Marisol Colomer of UBS Financial Services Inc
- Susan Morse of UBS Financial Services Inc. Reviews
- Paul Murans of Thurston Springer Financial Reviews
- Douglas Ponczek of UBS Financial Services Inc. Reviews
- Randall Berns Of UBS Financial Services Inc. Reviews
- Kelley Edwards of UBS Financial Services Reviews
- Leigh Einhorn Of Wells Fargo Clearing Services, LLC Reviews
- Joseph Ellis Of Ameriprise Financial Services Reviews
- Ruse Brown Of UBS Financial Services Inc. Reviews
- Rachel Gottlieb Of UBS Financial Services Reviews
- Karleen Halliwell Of UBS Financial Services Inc. Reviews
- Miguel Hernandez Of UBS Financial Services Inc. Reviews
- Robert Mueller Of UBS Financial Services Reviews
- Scott Murray Of UBS Financial Services Inc. Reviews
- Richard Ristau Of UBS Financial Services Inc. Reviews
- John Rogers Of UBS Financial Services Inc. Reviews
- Thomas Sullivan, Jr. Formerly With UBS Financial Services Inc. Reviews
- Mark Siegel of UBS Financial Services Inc. Reviews
- Guillermo Eiben of UBS Financial Services Inc. Reviews
- Robbyn Gayer of UBS Financial Services Inc Reviews
- Zachary Anderson of UBS Financial Services Inc Reviews
- Daniel Silverberg of UBS Financial Services Inc. Reviews
- Gian Piovanetti of Popular Securities, LLC FIRED
- Jose Mendez Perez of UBS Financial Services Inc. Reviews
If you have lost money investing with any of these UBS Financial Services advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call us at 800-732-2889.
Why Does UBS Financial Services Have So Many Regulatory Problems And Customer Complaints?
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.
Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.
These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.
Did UBS Financial Services Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. UBS Financial Services is responsible like any employer for its financial advisors acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting UBS Financial Services without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
Consult With An Attorney Who Recovers Investment Losses Caused By UBS Financial Services Today!
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 40 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with UBS Financial Services cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.