Articles Posted in Broker Misconduct

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, Lance Edward Cholet probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) and lost 20-40% of your original investment in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Cholet’s UBS-YES investment recommendations. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, Kenneth J. Shapiro probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) and lost 20-40% of your original investment in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Shapiro’s UBS-YES investment recommendations. This is in addition to two prior claims related to Auction Rate securities investments, one of which was settled for over $10 million and the other denied. Continue Reading

Quincy DeEarl Caldwell, of Katy Texas, submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly recommending and executing unsuitable mutual fund trades, including switches, in customer accounts, causing the customers to suffer losses of approximately $57,820.

FINRA alleged that Quincy Caldwell recommended and effected unsuitable mutual fund trades in six customer accounts, including 22 mutual fund switches.  Whereas Class A mutual funds are designed to be longer-term investments, Mr. Caldwell allegedly made 119 unsuitable short-term mutual fund trades, an average holding time of just 110 days.  Due to Mr. Caldwell’s unsuitable recommendations and short-term mutual fund trades, his six customers incurred $57,820 in Class A mutual fund sales charges. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, Keith Ashley Mericka probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) and lost 20-40% of your original investment in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Mericka’s UBS-YES investment recommendations. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, Joseph John Romanchik probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) and lost 20-40% of your original investment in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Romanchik’s UBS-YES investment recommendations. Continue Reading

Louis Cook of Staten Island, New York submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred from association with any FINRA member for allegedly making intentional misrepresentations to customers, many of whom were elderly investors.

From November 2009 to November 2017, Louis Cook was employed with National Planning Corporation as an Investment Company Products/Variable Contracts Representative. According to FINRA, Louis Cook made intentional misrepresentations in a cover letter he sent to customers which included a third-party authorization form.  Mr. Cook induced his elderly investor customers to sign the authorization form by misrepresenting that the form needed to be signed in order for Mr. Cook to continue servicing their variable annuity policies.  After inducing his customers to sign the authorization forms, Mr. Cook is alleged by FINRA to have used the customers’ authorization to withdraw money from customer accounts for his own personal use.  By making intentional misrepresentations to his customers, which induced them to sign the Third Party Authorization Forms, Mr. Cook allegedly violated FINRA Rule 2010.  By improperly using funds from his customers’ variable annuities for his own personal use, Mr. Cook separately is alleged to have violated FINRA Rules 2150(a) and 2010.  Without admitting or denying FINRA’s findings, Louis Cook has been barred from association with any FINRA member in any capacity. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, John Sebastian Derosa probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) and lost 20-40% of your original investment in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Derosa’s UBS-YES investment recommendations. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, John Matthew Loughran probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) and lost 20-40% of your original investment in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Loughran’s UBS-YES investment recommendations. This is in addition to one  prior claim for sales practice violation that was settled. Continue Reading

How Do You Recover Your “UBS-YES” Investment Losses?

If you are reading this Blog, Joel T. Hollis probably recommended that you invest in the UBS Yield Enhanced Strategy (“UBS-YES”) and lost 20-40% of your original investment in what was supposed to be a “market neutral” investment strategy. Despite your UBS Financial Services, Inc. (“UBS”) stockbroker’s representations about the UBS-YES managers ability to “manage risk” and “minimize losses” through its “iron condor” option strategy you still realized substantial losses. You are not alone because that is just what many other UBS-YES investors have told us about the pitch made to them to invest in the UBS-YES program and their recent experience.

In fact, according to FINRA’s BrokerCheck website one investor has filed an arbitration claim against UBS for its own misrepresentations about and/or mismanagement of the program and/or Mr. Hollis’ UBS-YES investment recommendations. Continue Reading

Jennifer Lillian Basey, a former registered representative of Edward D. Jones & Co., submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which she consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that she falsified a customer’s signature and forged customers’ initials.

According to FINRA, Jennifer Basey of Lehigh Acres Florida falsified a customer’s signature on a document to facilitate an authorized customer asset transfer.  Further, between October 22, 2019 and November 5, 2019, Ms. Basey forged the initials of two other customers, a married couple, to facilitate another transfer. For violating FINRA Rule 2010, which requires FINRA members to observe high standards of commercial honor, FINRA assessed Ms. Basey a fine of $5,000 and suspended her for two months.  The suspension is in effect from April 20, 2020 through June 19, 2020. Continue Reading

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