FINRA Orders Broker MICHAEL J KEANE and UBS to Repay Client $805K

Aclient of broker, MICHAEL JAMES KEANE (MICHAEL J KEANE) CRD#: 265697, and UBS of Melville, NY, was granted damages by the Financial Industry Regulatory Authority Inc. (FINRA) of $805,120. This is just the latest payment Keane faced in the past several years to satisfy client complaints.
According to FINRA in this instance, from approximately May of 2008 to November of 2015, Keane allegedly recommended an unsuitable investment strategy in energy stocks, master limited partnerships (MLPs) and business development companies. It is also alleged that Keane misrepresented the risks associated with this strategy.
The claimants charged both Keane and UBS with negligence, negligent misrepresentation, fraud by misrepresentation, fraudulent concealment, breach of fiduciary duty, unjust enrichment, breach of contract and breach of the duty of good faith and fair dealing.
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, MICHAEL J KEANE has 9 Disclosures on his report, all of them are ‘Customer Disputes.’ Some examples of the Customer Disputes are:
In July of 2016, Keane settled a claim in which claimants alleged that he "recommended unsuitable, high-risk investments and misrepresented the risk associated with these investments." The claimants had asked for $100,000 in damages and settled for $37,500.
In of 2015, there was a claim, which alleged he recommended unsuitable energy stocks, for $25,000.
A claim in 2013 against Keane was settled for $55,000.
According to MICHAEL J KEANE’s BrokerCheck report, he was in the securities industry for 47 years. Keane was listed with 7 firms, the most recent listed below:
09/14/2007 - 03/28/2016 UBS FINANCIAL SERVICES INC - MELVILLE, NY
If you experienced losses due to the actions or recommendations of former UBS of Melville, New York, broker MICHAEL J KEANE, call Soreide Law Group and speak to a securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.