Claims Filed Against UBS For Excessive Fees And Unsuitability

Soreide Law Group is investigating excessive trading, misrepresentation and suitability claims on behalf of customers who invested with UBS Financial Securities Inc. (CRD#: 8174, Weehawken, New Jersey) brokers and financial advisors including Susan Lyn Crown, Michael Patrick Gerard, Brandt Judah Cybul and Martin Patrick McLaughlin. The following contains a summary of the disputes concerning those brokers.

March 3, 2017 Complaint Involving UBS Financial Services’ Susan Lyn Crown

Susan Lyn Crown (CRD#: 1453538, Washington, DC) is a registered representative of UBS Financial Services Inc. Crown shows on her FINRA BrokerCheck Report that a customer took issue with her sales practices. According to the Report, on March 3, 2017, a customer filed a complaint with the firm regarding Crown’s activities in 2016. The customer claimed that Crown made unsuitable purchases of municipal bond funds for the customer’s investment account. Additionally, Crown apparently used an error-ridden financial analysis to make calculations regarding the customer’s retirement strategy. As a result, the customer incurred losses. UBS Financial Services consented to paying the customer $68,622.00 to resolve the customer’s allegations of unsuitability and financial analysis misrepresentation. The matter was settled on June 21, 2017.

March 20, 2015 Complaint Concerning UBS Financial Services Broker Michael Patrick Gerard

UBS Financial Services financial advisor, Michael Patrick Gerard (CRD#: 2337368, St. Louis, Missouri), is the focus of a customer’s complaint dated March 20, 2015. According to the customer, Gerard charged excessive fees in the customer’s managed wrap account. Apparently, the customer was charged more in fees than what had been represented to the customer when the transactions were contemplated. In addition, Gerard allegedly was supposed to put market tracking investments in the customer’s account but did not do so until several months later. Consequently, the customer allegedly suffered investment losses. All things considered, UBS Financial Services Inc. paid the customer $27,000.00 to resolve the claim. Before joining UBS Financial Services on July 13, 2012, Gerard worked for Morgan Stanley (St. Louis, Missouri).

May 24, 2016 Arbitration About UBS Financial Services’ Brandt Judah Cybul

Brandt Judah Cybul (CRD#: 5645813, New York, New York) is a UBS Financial Services registered representative who apparently engaged in bad sales practices. Particularly, UBS Financial Services reported on Cybul’s FINRA BrokerCheck Report that a UBS Financial Services customer filed FINRA Arbitration #16-01379 on May 24, 2016. Notably, the customer stated that in 2016, Cybul gave the customer baseless advice regarding equities. Apparently, those equities were not suitable for the customer to be invested in. Eventually, the customer sold the investments after continuing to incur investment losses. For this reason, Cybul requested compensatory damages. On November 21, 2017, UBS Financial Services and the customer agreed for the customer to be paid $50,000.00 to settle the matter.

January 30, 2018 FINRA Arbitration Concerning UBS Financial Services’ Martin Patrick McLaughlin

UBS Financial Services employed broker Martin Patrick McLaughlin on August 26, 2010. McLaughlin is another one of many UBS Financial Services representatives who have been accused of misconduct. In this case, a UBS Financial Services customer filed FINRA Arbitration #18-00334 on January 30, 2018. Allegedly, from 2010 to 2017, McLaughlin breached a fiduciary duty, committed negligence, and breached a contract. In addition, the customer claimed that UBS Financial Services Inc. negligently supervised McLaughlin. Notably, the customer’s causes of action relate to McLaughlin’s unsuitable recommendations of equities. The customer also indicated that the account was over-concentrated in the investments that were not suitable. Because of this, the customer requested $529,795.34 in damages. This matter is currently pending a resolution. On April 5, 2018, UBS terminated the registration of Martin Patrick McLaughlin.

UBS Financial Services Has Made 856 Disclosures Concerning Its Alleged Misconduct

UBS Financial Services Inc. is a Securities and Exchange Commission (“SEC”) registered investment adviser and Financial Industry Regulatory Authority (“FINRA”) registered brokerage firm. FINRA BrokerCheck shows that UBS Financial Services has made 856 disclosures regarding allegations and findings against the firm of committing regulatory infractions and sales practice violations. Moreover, UBS Financial Services has been named in a multitude of customer-initiated, investment-related disputes. Those disputes concern allegations against its own brokers of sales practice violations. Many of the disputes, like the ones described above, allege that UBS Financial Services or its brokers sold customers unsuitable investments, charged excessive fees and made investment-related misrepresentations.

Have you experienced losses from UBS Financial Services registered representatives’ Susan Lyn Crown, Michael Patrick Gerard, Brandt Judah Cybul or Martin Patrick McLaughlin? If so, contact Soreide Law Group at (888) 760-6552 and peak with an experienced attorney about the possibility of recovering your investment losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of investment losses.