The Galbraith Law Firm Has Filed a New FINRA Claim against UBS Financial Services Alleging Unsuitable Recommendations and Overconcentration

The Galbraith Law Firm has filed a new FINRA claim on behalf of an investor who lost over $500,000 due to his brokerage firm’s unsuitable recommendations and overconcentration.

A longtime customer of UBS Financial Services, our client has been retired for over a decade and lives modestly using funds he carefully set aside for retirement during his career. He consistently told his financial advisor that he wanted safe investments that would generate some income to help cover his living expenses and would not subject him to significant market risk. UBS purported to understand his instructions, marking in his account records that he was a “conservative” investor.

Despite our client’s clearly stated conservative investment objectives, his age and the fact that he is retired with no outside income, UBS recommended that he build a portfolio that was over 99% concentrated in equities. This imbalanced, overconcentrated portfolio was highly vulnerable to stock market volatility and was entirely unsuitable for an investor with our client’s profile.

When the global financial crisis hit in 2008 and 2009, our client’s portfolio was devastated. In order to avoid financial catastrophe, he was forced to sell out his portfolio at steep losses.

Our client’s losses were the direct result of UBS Financial Services’ unsuitable recommendations and overconcentration in equities. Through FINRA arbitration, we seek to hold UBS accountable for its misconduct.

If you are a customer of UBS or another major Wall Street firm and have suffered substantial losses due to the firm’s unsuitable recommendations, overconcentration or other misconduct, you should contact The Galbraith Law Firm at 212.203.1249 or kevin@galbraithlawfirm.com for a free confidential consultation.