INVESTOR ALERT: Unsuitability Claims Against UBS Broker WILLIAM HOBBY

William David Hobby (CRD#: 2240076, Atlanta, Georgia) was a UBS Financial Services Inc. general securities broker and financial advisor from June 15, 2012 to October 9, 2018. Evidently, UBS recently discharged Hobby for discretionary trading in client accounts without their written authorization. Worse yet, according to the Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report for Hobby, at least 23 clients filed disputes about his sales practices. Here is a summary of some of those disputes:

October 9, 2018 Complaint Alleging William Hobby Sold Unsuitable Equities

On October 9, 2018, a client of UBS brought an investment dispute about Hobby’s activities. Supposedly, Hobby sold the client OTC equities that were not suitable from August 23, 2016 to October 11, 2018. Supposedly, the investments were inappropriate because of the client’s age. Also, the client contended that Hobby misrepresented her suitability profile. Supposedly, Hobby misclassified the client as an aggressive investor with a high risk tolerance. Eventually, the client experienced investment losses. Because of this, UBS opted to settle the client’s claim for $24,000 on December 10, 2018.

May 16, 2018 Complaint Alleging William Hobby Misrepresented Investor’s Risk Profile

Apparently, a UBS client filed an investment dispute dated May 16, 2018 regarding Hobby. Namely, the client claimed that Hobby made bad investment trades in the client’s Managed Wrap Account. Supposedly, the client’s investment objectives and risk tolerance did not support the recommendations or trades Hobby made. Moreover, Hobby reportedly switched the client’s risk profile from conservative to aggressive without the client’s permission. Not only that, but the client claimed that Hobby misrepresented the client’s investment portfolio as conservative. All things considered, UBS Inc. agreed to compensate the client to the tune of $80,000. Accordingly, this matter settled August 21, 2018 without the firm’s admission of liability.

January 12, 2018 Complaint Alleging William Hobby Made Discretionary Trades Without Written Authorization


FINRA BrokerCheck shows that another client brought FINRA Arbitration #18-00105 on January 12, 2018. Principally, from September 2014 to February 2017, Hobby made bad recommendations to the client about equities. Secondly, the client claimed that Hobby overconcentrated the client’s assets in risky investments, which was unreasonable. Also, Hobby allegedly excessively traded the equities in the client’s account. Finally, the client claimed that Hobby exercised discretionary power in the client’s account without the client’s written consent. Given these allegations of Hobby’s unauthorized, excessive and unsuitable trading, UBS Inc. paid the client $350,000. Evidently, this matter settled June 19, 2018.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

If you have experienced losses by investing with UBS broker William Hobby, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.