Tagged with "UBS"

UBS Prevails in One “YES” Case, But Loses Another

Posted on October 6th, 2021 at 12:44 PM
UBS Prevails in One “YES” Case, But Loses Another

UBS Wealth Management has been involved in several arbitration proceedings over its proprietary options-spread strategy, YES (Yield Enhancement Strategy), which prompted numerous client complaints after a period of market volatility.

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UBS Advisor, Sued By Morgan Stanley, Agrees to Customer Solicitation Ban

Posted on July 29th, 2021 at 2:18 PM
UBS Advisor, Sued By Morgan Stanley, Agrees to Customer Solicitation Ban

A UBS advisor, Michael Crotty, has agreed to an order preventing him from soliciting former clients at Morgan Stanley, according to a preliminary injunction filed in New Jersey federal court.

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UBS Settles With SEC Over Sales of Exchange-Traded Product

Posted on July 27th, 2021 at 11:24 AM
UBS Settles With SEC Over Sales of Exchange-Traded Product

The Securities and Exchange Commission (SEC) filed a settled action against UBS Financial Services Inc. over compliance breakdowns relating to sales of a volatility-linked exchange-traded product (ETP).

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UBS Scrutinizes Lending to High-Net-Worth Clients in Midst of ArchegosUBS Scrutinizes Lending to High-Net-Worth Clients in Midst of Archegos

Posted on June 24th, 2021 at 12:57 PM
UBS Scrutinizes Lending to High-Net-Worth Clients in Midst of ArchegosUBS Scrutinizes Lending to High-Net-Worth Clients in Midst of Archegos

While the Archegos Capital dilemma has cost UBS and its brokerage unit nearly $744 million, CEO Ralph Hamers announced plans to alter his predecessor’s setting of lending target for wealth management clients.

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Morgan Stanley Team Concedes to Injunction After Leaving UBS

Posted on May 18th, 2021 at 1:29 PM
Morgan Stanley Team Concedes to Injunction After Leaving UBS

According to court filings, a New York-based Morgan Stanley team has agreed to a customer solicitation ban after leaving UBS Wealth Management in April.

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Illinois Court Upholds $11 Million Arbitration Award Against UBS

Posted on December 3rd, 2020 at 3:34 PM
Illinois Court Upholds $11 Million Arbitration Award Against UBS

In December 2019, a FINRA arbitration panel ordered UBS Wealth Management USA to pay a former employee $11 million for defamatory statements UBS made on that individual’s Form U5 filed with FINRA. 

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UBS Agrees to Pay $10 Million to Settle SEC Charges

Posted on July 27th, 2020 at 4:23 PM
UBS Agrees to Pay $10 Million to Settle SEC Charges

UBS Financial Services Inc. has agreed to pay $10 million to settle charges brought by the U.S. Securities and Exchange Commission (‘SEC”) that UBS circumvented the priority given to retail investors for certain municipal bond offerings.

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UBS Sues Former Advisor

Posted on June 11th, 2020 at 4:22 PM
UBS Sues Former Advisor

UBS Wealth Management USA has filed a lawsuit against former advisor, Alexandra VanMeurs.  After 13 years at UBS, VanMeurs left the firm in May to join Morgan Stanley. UBS is seeking to enjoin VanMeurs from calling clients she serviced at UBS. Although such lawsuits are not uncommon in the industry, the case has an interesting twist.

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UBS Sued for Alleged Failure to Supervise Fraud

Posted on May 29th, 2020 at 11:40 AM
UBS Sued for Alleged Failure to Supervise Fraud

UBS has been sued by two theater production companies, Player to be Named Later and Smokey Joe’s Café Broadway Revival, which alleged that the bank’s negligence allowed the theater companies to be defrauded.  According to the Complaint filed in federal court, UBS breached its fiduciary duty and was guilty of negligent supervision.

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FINRA Orders UBS to Pay Over $11 Million in Defamation Case

Posted on December 17th, 2019 at 2:54 PM
FINRA Orders UBS to Pay Over $11 Million in Defamation Case

The Financial Industry Regulatory Authority (“FINRA”) ordered UBS Financial Services Inc. to pay more than $11 million to a former supervisor who claimed the firm defamed him in explaining his departure.

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LATEST NEWS AND ARTICLES

December 3, 2021
FINRA Issues Fine to Small Advisory Firm Over Material Misrepresentations

The Financial Industry Regulatory Authority has censured and issued a $250,000 fine to a Los Angeles-based advisory firm, WestPark Capital Inc., for making material misrepresentations pertaining to promissory notes offered by its parent company.

December 2, 2021
FINRA Imposes Suspension on Ohio-Based Advisor Over Outside Investments

The Financial Industry Regulatory Authority (FINRA) has issued a one-year suspension and $12,500 fine to an Ohio-based advisor, William LeBoeuf, who worked at Merrill Lynch and Cetera Advisor Networks when the violations occurred.

December 1, 2021
SEC Charges Former Illinois Edward Jones Advisor With Fraud

The Securities and Exchange Commission (SEC) has charged a former Illinois-based investment advisor, Ronald Molo, with defrauding three clients out of at least $800,000.