Investors potentially experienced losses because of securities broker Andrew William Payne [CRD: 5607123, New York, New York], according to disclosures on FINRA BrokerCheck. According to the regulator, Andrew Payne worked for UBS Financial Services Inc. from October 12, 2011, to August 17, 2023, and Aegis Capital Corp. from August 2, 2023, to April 11, 2024. Here’s more about Payne's disclosures.
UBS Financial Services Inc. Investor Accused Payne of Unauthorized Trading
Specifically, a client filed a complaint about Andrew Payne. The client alleged that Payne engaged in unauthorized trading. Because of this, the client allegedly sustained damages on over-the-counter equities. Therefore, on June 10, 2024, UBS Financial Services Inc. settled this matter by paying the client $16,000 in damages.
Andrew Payne Disclosed Unsuitable Recommendations Allegations By UBS Financial Services Inc. Client
Also, a client of UBS Financial Services Inc. contested Andrew Payne’s sales practices, according to a complaint. Allegedly, Payne made unsuitable recommendations by placing the client in securities that were not in their best interest. It appears that Payne caused the client to sustain damages on hedge funds. Therefore, UBS Financial Services Inc. opted to settle the matter on March 13, 2024, by compensating the client in the amount of $15,611.36.
Did You Make Investments Through Securities Broker Payne?
Seeking more information about Andrew Payne? If you incurred losses, get in touch with Soreide Law Group online or at (888) 760-6552 and speak with a securities lawyer about a possible recovery. Soreide Law Group has recovered losses for investors throughout the country, represents clients on a contingency fee basis, and advances all costs. Payne and brokerage firms Payne worked for deny accusations of sales practice violations.
