Garrick Montenegro, UBS Involved In Client Dispute About Selling Away

Garrick Paolo Montenegro (CRD: 2882898) is a securities broker based in New York, New York, who has worked for UBS Financial Services Inc. since June 24, 2011. Disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck describe investor allegations involving possible investment losses. Here is what the dispute involves and how Montenegro has responded.

UBS Clients Raise Unsuitable Advice, Reverse Churning, And Loan Allegations

On May 27, 2026, UBS Financial Services Inc. clients filed FINRA Arbitration No. 26-01133 concerning Garrick Montenegro. Their claims involve equities, a securities-backed loan, and alleged selling away, with the disputed conduct spanning 2010 through 2025. The clients said the securities-backed loan recommended to one investor was unsuitable and inappropriate. They also alleged reverse churning in UBS advisory accounts where holdings had remained unchanged for years. The clients further alleged that Montenegro’s partner engaged in a selling away scheme and that Montenegro should have been aware of it. They requested $2,500,000 in compensation from UBS Financial Services Inc. or Montenegro. The arbitration remains pending, and Montenegro denies the clients’ allegations.

What Does Selling Away Mean?

Selling away generally means a broker takes part in securities transactions that are not conducted through the broker’s registered firm. It can involve investments the firm has not approved. Depending on the circumstances, selling away can raise concerns about what was disclosed, how the activity was supervised, and whether firm procedures or FINRA rules were followed. Brokers generally must disclose outside transactions to their firms and may need firm approval before participating.

Exploring Recovery Options Involving Garrick Montenegro

Investors who believe they suffered investment losses because of Garrick Montenegro can contact Soreide Law Group online or at (888) 760-6552 to discuss possible recovery with a securities attorney. The firm has recovered losses for investors throughout the United States, works on a contingency fee basis, and advances all costs. Montenegro and the brokerage firms he has worked for deny allegations of sales practice violations.