Investors Accuse UBS Financial Alternative Investment Fraud
Kirk Badii of Los Angeles California a stockbroker formerly associated with UBS Financial Services Inc. has been referenced in a customer initiated investment related complaint on April 17, 2020 in which the customer requested as much as $2,600,000.00 in damages supported by allegations that the customer had been advised by Badii to invest in inappropriate alternative investments between July of 2015 and August of 2018 and that the customer had not been provided with adequate information about the risks or the details of private equity funds when Badii was associated with UBS Financial Services.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Badii has been identified in four additional customer initiated investment related disputes concerning accusations of his misconduct when the stockbroker was employed by UBS Financial Services. On March 18, 2019, a customer filed an investment related complaint in reference to Badii’s conduct where the customer sought unspecified damages based upon accusations of the customer being steered by Badii towards investing in inappropriate options and private equity funds during the time that Badii was associated with UBS Financial Services. FINRA Arbitration No. 19-00701.
On August 19, 2019, a customer filed an investment related complaint involving Badii’s conduct in which the customer requested more than $5,000.00 in damages based upon allegations that a loan had been made on the customer’s behalf without the customer’s knowledge or consent between September 9, 2015 and August 19, 2019. Badii is also the subject of a customer initiated investment related complaint on January 7, 2020 in which the customer requested unspecified damages based upon allegations that the hedge funds sold to the customer were not compatible with the customer’s goals. The complaint also alleges that the customer was not made aware of how his funds were being used by Badii during the time that the stockbroker was associated with UBS Financial Services.
On April 13, 2020, another customer filed an investment related arbitration claim concerning Badii’s activities where the customer sought unspecified damages founded on accusations that from April of 2018 to August of 2018, the customer was placed into real estate investment trust products which failed to be suitable in view of the customer’s investment profile including the customer’s age and needs for liquidity. The claim also alleges that the illiquidity of those investments had not been discussed with the customer prior to the investment strategy being executed.
FINRA Public Disclosure also indicates that Badii has been twice terminated by securities broker dealers supported by allegations of his misconduct on the job. He was terminated by Credit Suisse Securities (USA) LLC supported by allegations of him making false statements to the securities broker dealer concerning correspondence. He was subsequently discharged by UBS Financial Services supported by allegations that he failed to comply with company policy. Since January 23, 2020, Badii has been associated with Independent Financial Group LLC.