Misconduct Allegations Against UBS Financial Services Brokers

UBS Financial Services Inc.  (CRD#: 8174) is a Financial Industry Regulatory Authority (“FINRA”) regulated brokerage firm and (“SEC”) regulated investment adviser firm. UBS’ main offices are in Weehawken, New Jersey. UBS has reported 858 discloses regarding its alleged mishaps in the securities industry. 453 of those disclosures concern regulatory events, such as FINRA censuring UBS for failure to supervise. 400 discloses relate to customer disputes. In those situations, customers prevailed on their claims against UBS for sales practice violations such as unauthorized trading, negligence and unsuitable sales practices. UBS has even indicated that its own securities brokers have violated regulatory rules, or engaged in conduct that may have harmed investors. Take a look at these UBS brokers’ disclosures regarding their misconduct in the securities industry:

Customer Arbitration Involving UBS’ Ralph Lehr

Ralph Edward Lehr Jr. (CRD#: 2261136, San Antonio, Texas) is a prior UBS Financial Services Inc. registered representative. He worked at the firm’s San Antonio offices between December 23, 2013 and May 11, 2016. At least one UBS customer claimed Ralph Lehr gave bad advice. Specifically, the UBS customer filed FINRA Arbitration #16-03332 on December 9, 2016. Apparently, from July 2014 to March 2016, Ralph Lehr allegedly gave bad recommendations to the customer regarding mutual funds. Supposedly, the mutual funds were not right for the customer’s investment objectives. Not only that, but Ralph Lehr reportedly misrepresented information about the mutual funds the customer purchased. Apparently, the customer purchased the investments because of those misrepresentations. All things considered, UBS Financial Services Inc. opted to settle the customer’s claim by paying the customer $25,000.00. Accordingly, this matter closed on June 2, 2017.

UBS’ Termination Of Abeda Khan

Abeda N. Khan (CRD#: 5218988, Bonita Springs, Florida) is a prior general securities representative of UBS. Abeda Khan started working for UBS in the firm’s Bonita Springs, Florida offices on May 19, 2014. However, Abeda Khan’s career at UBS came to a screeching halt on November 30, 2017 when the firm discharged him. Abeda Khan’s FINRA BrokerCheck profile shows that Abeda Khan allegedly altered UBS customers’ documents. Additionally, Abeda Khan allegedly made false statements to UBS’ management. UBS claimed that Abeda Khan did not cooperate with the firm during its review or inquiry into whether Abeda Khan impermissibly altered customer documents. Previously, Abeda Khan was employed at Merrill Lynch in Bonita Springs, Florida.

Customer Complaint Concerning UBS Broker Michael Cohn

Michael Andrew Cohn (CRD#: 4617830, Washington, District of Columbia) is a prior UBS Financial Services Inc. financial advisor. Michael Cohn disclosed on his FINRA BrokerCheck Report that a customer contested his sales practices. Specifically, a UBS customer filed a complaint with the firm on March 5, 2018 about Michael Cohn. Apparently, between January 6, 2016 and April 3, 2017, Michael Cohn facilitated withdrawals from a mentally impaired customer’s account. The customer reportedly withdrew monies using a line of credit and took funds from his Wealth Management Account. Apparently, the customer was defrauded after applying funds towards a “Mega Millionaires” lottery scam. Because of this, UBS opted to settle the customer’s claims for $183,000.00 with no admission of liability. Therefore, the matter concluded on July 5, 2018.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

If you experienced losses by investing with UBS Financial Services Inc. brokers including Ralph Edward Lehr Jr., Abeda N. Khan or Michael Andrew Cohn, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Our firm has recovered millions of dollars for investors who have suffered losses due to broker and brokerage firm misconduct. We represent clients on a contingency fee basis and advance all costs.