Investor Alert! Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows troubling information in regard to former UBS Financial Services securities broker Paul “Peace” William Murans [CRD#: 3266607, Indianapolis, Indiana]. Apparently, at least four clients took issue with the securities broker. Notably, three of those clients filed disputes after UBS disaffiliated with Murans in late 2017 for a client complaint and for selling life settlement products to clients without UBS’s consent. Overall, these disclosures suggest that Murans made inappropriate and unauthorized trades in client accounts and was responsible for clients’ losses. Here’s more:
Peace Murans Allegedly Makes Unauthorized Trades Causing Losses To UBS Client
Apparently, on July 24, 2019, a UBS client filed FINRA Arbitration Claim #: 19-01973 about Peace Murans. First of all, the client contended that Murans made trades which seemingly failed to fit with the client’s goals, risk tolerance or other aspect of suitability. Supposedly, the securities broker also set up a credit line agreement and initiated trades without the client’s knowledge or permission. It also appears that Murans had been selling away from UBS. Evidently, on September 9, 2019, UBS settled this client’s dispute by paying the client $300,000.
UBS Client Suggests Murans Sold Unsuitable UITs, Leveraged ETFs
Evidently, on February 15, 2018, a UBS client filed FINRA Arbitration Claim #: 18-00599 to contest Peace Murans’ sales practices. Notably, Murans allegedly caused the client to assume unnecessary risks by overconcentrating the client’s account in ProShares UltraShort Russell2000 (NYSEArca: TWM) and ProShares UltraPro Short S&P 500 (NYSEArca: SPXU). Supposedly, the client’s investment objectives did not support large concentrations in ETFs and UITs. Moreover, the client indicated that UBS did not meaningfully supervise the securities broker. As a result, on November 29, 2018, UBS resolved this issue through compensating the client $355,000.
Peace Murans Purportedly Misrepresents Life Settlement Contract
Apparently, a client of UBS contested Peace Murans’ actions by making a complaint on November 2, 2017. Namely, the client suggested that Murans’ life settlement contract sales were neither suitable nor properly explained. It seems that the client agreed to the life settlement because of relying on the securities broker’s alleged misrepresentations. Also, the securities broker allegedly made unauthorized structured products trades. Because of this, UBS figured to settle the client’s allegations on June 21, 2018 through paying the client $250,000.
UBS Client Indicates That Murans Gave Bad Advice
Moreover, on August 1, 2016, a UBS client filed FINRA Arbitration Claim #: 16-02128 regarding Peace Murans. Similar to the other clients who complained about Murans, this client asserted that the securities broker recommended unreasonable equities. Apparently, Murans’ recommendations of stocks and closed end funds conflicted with the client’s investment profile and risk tolerance. It appears that the client experienced losses because of Murans. As a result, on August 1, 2017, UBS resolved this issue through paying the client $75,000.
Losses From UBS Securities Broker Peace Murans?
Have you experienced losses by investing with Peace Murans? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel in regard to possibly recovering your investment losses. Soreide Law Group represents clients on a contingency fee basis and will advance all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Murans.