Soreide Law Group Files FINRA Arbitration Against UBS FINANCIAL SERVICES, INC.

Soreide Law Group has filed a FINRA arbitration on behalf of their clients (Claimants) against:
UBS FINANCIAL SERVICES, INC. (Respondent)
The Claimants are a retired couple who allege they had advised their financial advisor, Erik Littlejohn, who at the time was working for UBS Financial Services, that they wanted income producing investments, but did not want to take on any unnecessary risks with their savings. The Respondent allegedly advised the Claimants that they would safely invest their savings.
Unfortunately for Claimants, allegedly the Respondent put together a portfolio of predominantly energy investments and Master Limited Partnerships (MLP’s) in stocks such as: Linn Energy, Western Gas Partners, Nustar, Plains All American, Targa Resources and Kinder Morgan.
The concentrated energy investments have followed the declining value of the energy markets. The Respondent allegedly failed to adequately warn the Claimants about the inherent risks of their recommendations because the Claimants never would have agreed to such risk and volatility.
The lawsuit alleges that after the Claimants saw declines in their portfolio they expressed concerns to their financial advisor, Erik Littlejohn, who advised them that the losses were temporary and the Claimants had nothing to fear. According to the law suit, Erik Littlejohn allegedly encouraged the Claimants to invest additional money in MLP’s to take advantage of the pricing decline.
The lawsuit alleges that as a result of the Respondent’s omissions and misrepresentations regarding the risk of Respondent’s recommendations, the Claimants have now suffered losses of approximately $499,999.
The Respondent’s alleged actions in this case, according to the law suit, constitute a breach of fiduciary duty, negligence, breach of contract, fraud, misrepresentation, failure to supervise, negligent hiring, and violations of the conduct rules of the Financial Industry Regulatory Authority.
Erik P. Littlejohn (CRD#: 1910841), according to FINRA’s BrokerCheck, has been in the securities industry for 28 years and has been listed with 7 firms.  He is currently listed, since 10/30/2015, with:
MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
600 TRAVIS ST HOUSTON II PBIG
HOUSTON, TX 77002
Erik Littlejohn was previously listed with:
07/02/2009 - 11/11/2015 UBS FINANCIAL SERVICES INC - HOUSTON, TX 
If you've experienced losses due to the actions or recommendations of broker Erik Littlejohn, and/or UBS FINANCIAL SERVICES INC of Houston, Texas, contact Soreide Law Group for a no cost consultation with an experienced securities lawyer regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552. 
Soreide Law Group represents clients nationwide before FINRA.  We operate on a contingency fee basis, no fee if no recovery.