National investment loss lawyers KlaymanToskes is investigating Joe Katzaroff (CRD# 2739167) of UBS Financial Services following the filing of four customer complaints, including one pending complaint alleging one million in damages due to unsuitable recommendations and violation of the SEC’s Regulation Best Interest.
According to FINRA BrokerCheck, Joe Katzaroff has been registered with UBS Financial Services in Irvine, CA since 1988. Katzaroff holds 34 years of securities industry experience and 42 state licenses.
Investors that suffered losses with Joe Katzaroff at UBS may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lawrence@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
According to FINRA BrokerCheck, Joseph Patrick Katzaroff is currently facing one pending customer complaint, which alleges that Katzaroff and UBS failed to consider the customer’s best interest when managing her portfolio. The customer alleged $1,000,000 in damages and noted in the complaint that investments/investment strategies in their account were not consistent with their strategy and goals.
In a previous investor complaint filed against Katzaroff, the customer alleged unsuitable investment recommendations, unauthorized trading, and a failure to disclose the risk of the investments.
A third investor complaint filed alleged fraud, misrepresentation, unsuitability, and breach of fiduciary duty, and was settled in favor of the investor for $73,000. Katzaroff’s fourth customer complaint alleged unsuitability and concentration in REIT investments. The complaint was settled in favor of the investor for $110,000.
In September 2022, the Securities and Exchange Commission (“SEC”) filed a Cease-and-Desist Order fining UBS Financial Services $125 million in connection with findings that its registered representatives firm-wide sent and received “tens of thousands of messages” using off-chanel communication methods, such as personal text messaging platforms, to communicate about investment related information. The commission’s order alleged that “UBS’s widespread failure to implement its policies and procedures that prohibit such communications led to its failure to reasonably supervise its employees.”
Several months prior, UBS Financial Services agreed to pay $25 million to settle fraud charges with the Securities and Exchange Commission (“SEC”) related to its “Yield Enhancement Strategy” (Y.E.S.) Strategy promoted to advisory clients. In its order, the SEC stated that the charges involved “a complex investment strategy UBS marketed and sold to approximately 600 advisory clients.”
Investors that suffered losses at UBS Financial may have recovery options through FINRA arbitration. Contact KlaymanToskes today at 888-997-9956 or lawrence@klaymantoskes.com for a free consultation to discuss your potential case.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com