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.
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.
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).
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.
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.
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.
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.
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.
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.
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.
This was the best of all possible outcomes and I cannot thank you and the team enough.
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.
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.
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.
