National investment loss lawyers KlaymanToskes issues an important notice to customers of UBS Financial Services’ West Palm Beach, FL branch following its investigation of recent customer complaints filed against several brokers/financial advisors at the firm.
KlaymanToskes previously reported that its investment loss attorneys are investigating Michael Nicholas Vassalotti (CRD# 1461475) after the West Palm Beach, Florida-based broker/financial advisor received a customer complaint alleging $974,000 in damages due to unsuitable and misrepresented insurance products. According to the firm’s website, Vassalotti serves as First Vice President of UBS Financials’ Damante Partners Wealth Management.
According to securities attorney Lawrence L. Klayman, Esq., “UBS Financial’s recent regulatory history alleges failure to reasonably supervise its employees and UBS’s widespread failure to implement supervisory policies and procedures. Similar misconduct described in the customer complaints brought against Michael Vassalotti and the other UBS Financial professionals listed below may indicate a lack of supervision at UBS’s West Palm Beach, FL branch.”
Investors may be entitled to a financial recovery if their brokerage firm failed to supervise the representative managing their brokerage account, and/or if their broker/advisor made unsuitable investment recommendations.
Investors that suffered investment losses with Michael Nicholas Vassalotti or any other broker/advisor at UBS Financial Services in West Palm Beach, FL, are encouraged to contact attorney Lawrence L. Klayman, Esq. for a free consultation at (888) 997-9956 or lklayman@klaymantoskes.com to discuss recovery options. We do not collect attorneys’ fees unless we obtain a financial recovery for you.
The following list contains five brokers/financial advisors currently registered with UBS Financial Services, Inc. in West Palm Beach, Florida. UBS’s West Palm Beach branch is located at 525 Okeechobee Blvd. According to their linked FINRA BrokerCheck profiles, these associated individuals have received significant public disclosures:
John Seiberling Fulton (CRD# 2481439)
(Settled in favor of the investor for $660,000)
Cees-Jan Van Hoek a/k/a Cornelis Johannes Van Hoek (CRD# 1225163)
(Investor Awarded $150,000)
Franklin Carlyle Tiller Jr. a/k/a Tim Tiller (CRD# 2554957)
James Francis Leen (CRD# 734797)
(Investor Awarded $44,224)
(Settled in favor of the investor for $50,000)
Scott Bernard Arentsen (CRD# 4897030)
(Settled in favor of the investor $1,345.20)
The Securities and Exchange Commission (“SEC”) filed a Cease-and-Desist Order on September 27th, 2022, 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 Whatsapp and other personal text messaging platforms to communicate about broker-dealer related information.
Additionally the SEC’s findings stated that UBS failed to maintain required records relating to its business, in violation of Section 17(a) of the Exchange Act and Rule 17a-4(b)(4) thereunder. 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 their Y.E.S. Strategy. In its order, the SEC stated the charges involved “a complex investment strategy UBS marketed and sold to approximately 600 advisory clients between February 2016 and February 2017 (“Relevant Period”) called the “Yield Enhancement Strategy” (“YES”).”
UBS characterized the strategy as having limited correlation to the market and having downside protection. Instead, when the market became volatile in 2018, UBS YES investors suffered losses of 18% by the end of the year. An estimated $2 billion in funds were allocated to YES accounts.
Investors that suffered losses in the UBS Yield Enhancement Strategy (YES) may have recovery options through FINRA arbitration. Contact KlaymanToskes today at 888-997-9956 or lklayman@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
lklayman@klaymantoskes.com
www.klaymantoskes.com