Carlos Rodriguez UBS Churning Disputes

Churning, Misrepresentation Alleged In Investment Disputes About Carlos Rodriguez

The Financial Industry Regulatory Authority (“FINRA”) reports new information regarding a barred broker by the name of Carlos Antonio Rodriguez (CRD#: 4363000, Plano, Texas). This broker worked for firms Merrill Lynch and UBS Financial Services. Notably, FINRA expelled Rodriguez as securities broker in October 2017. Also, four investors filed disputes regarding Rodriguez’s handling of their assets. Let’s take a quick look at these disclosures so that you can be informed.

Client Of UBS Financial Services Brings Dispute About Carlos Rodriguez

Particularly, a client of UBS Financial Services brought a lawsuit about Carlos Rodriguez’s trading in November 2018. In this FINRA Arbitration Claim, the client contends that Rodriguez made unauthorized trades. Secondly, Rodriguez supposedly made unsuitable trades.
This matter purportedly concerns investments in risky oil and gas companies, and in master limited partnerships and mutual funds. Moreover, clients asserted losses with options and bonds trades. Notably, the clients contended that they suffered serious losses because of investing in products which the UBS Financial Services advisor recommended to them. This matter is currently ongoing.

FINRA Issues Sanctions To Rodriguez

The financial industry watchdog sanctioned Carlos Rodriguez in February 2018 because he purportedly did not respond to FINRA’s requests regarding a settlement or arbitration. Before that, in October 2017, FINRA barred Rodriguez.
When FINRA bars a securities broker, the broker is not allowed to work for another securities firm who is a member of the regulator. In this instance, FINRA asked Rodriguez to provide information. When Rodriguez refused, FINRA suspended him. He had an opportunity during the suspension to settle his issues with FINRA. Evidently, he did not ask FINRA to end the suspension, and he didn’t give FINRA the information it asked for. Evidently, Rodriguez’s indefinite bar is in all capacities and is effective October 2017.

Client Of UBS Financial Services Alleges Churning, Misrepresentation In Dispute About Carlos Rodriguez

Evidently, a client of UBS Financial Services filed a dispute about Carlos Rodriguez’s trading. Specifically, the client contended that Rodriguez’s team engaged in churning. Basically, churning is when a securities broker trades excessively, driving up costs and commissions. Also, the client alleged that Rodriguez misrepresented information at the time of recommending options and mutual funds and when telling the client to buy into outside private investments. Because of this, UBS Financial Services opted to settle this dispute through making a $500,000 payment to the client.

Prior Investor Disputes About Rodriguez

In a 2015 dispute, a client claimed that the financial advisor stole their money. Allegedly, the advisor made unauthorized trades and invested in risky options. However, UBS Financial Services denied this client’s dispute.

Unsuitable Trading Alleged In Dispute About Carlos Rodriguez

The first reported dispute comes from a UBS Financial Services client who raised allegations of unauthorized trading. Supposedly, Carlos Rodriguez invested the client in risky options. This might not have been reasonable for the client. It appears that UBS Financial Services denied this client’s dispute as well.

Did You Experience Losses By Investing Through Rodriguez?

FINRA BrokerCheck indicates that Carlos Rodriguez denies all allegations of his sales practice violations. Did you lose money because of this broker? If so, call Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have been harmed by their financial advisors and securities brokers.
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