National investment loss lawyers KlaymanToskes is investigating broker Peter Black a/k/a Peter Eugene Black (CRD#1333774) of UBS Financial Services Inc.
According to FINRA BrokerCheck, broker Peter Black, of UBS Financial Services Inc. is currently facing a customer complaint alleging $9,900,000 in damages. The complaint alleges that the customer only provided authorization to sell half of her shares of Zeta Global Holdings, but that her advisor Peter Black sold her entire position. She also alleges she was charged a 3% commission on these shares sold even though they agreed upon a 1% commission.
Investors that suffered losses with broker Peter Black are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss potential recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
UBS financial advisor Peter Black is currently involved in a customer complaint alleging $9,900,000 in investor damages. The customer alleges that their financial advisor sold their entire position of Zeta Global Holdings stock, without approval. According to FINRA BrokerCheck, broker Peter Black is currently registered with UBS Financial Services in Princeton, NJ.
The broker’s comment listed on the disclosure states: “This complaint is meritless as the allegations are false. The customer obtained her concentrated Zeta position through a divorce settlement from her former husband. She specifically told me she wanted to sell her entire position as she wanted to cut all her ties to him. It was also a good decision from a risk perspective, since a diversified portfolio is safer than a single stock concentration. When she requested the entire sale, to not adversely impact the stock price to her detriment, I sold the position in stages-and after each sale I confirmed the transaction with her and obtained her authorization for the next sale. I also informed her CPA during the process. The firm also sent the customer a written confirmation for every trade. The customer did not make any complaint about the entirety of her position having been sold until a year later, shortly after Zeta’s stock price had spiked. The allegation that I charged a 3% commission is also false. In fact, I discounted my commissions on the sales as a courtesy to the customer, and her actual commissions charged were approximately 1%. I treated this customer with the same high level of professionalism and respect with which I treat all my valued customers. That likely explains why this is the only customer complaint I have received in my forty years as a financial advisor. This complaint is false and I am confident it will ultimately be dismissed.”
As an investor, there are a few signs that you should look out for if you believe you may have a claim against your financial advisor. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encouraged to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Peter Black, or have concerns regarding your investment portfolio at UBS Financial Services Inc., or with any other financial advisor or firm, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.