UBS Financial Sued By Investors For Options Strategy
John Seiberling Fulton of West Palm Beach Florida a stockbroker currently registered with UBS Financial Services Inc. is the subject of a customer initiated investment related arbitration claim in which the customer requested $1,400,000.00 in damages based upon allegations that between 2017 and 2019: an options overlay strategy implemented in the customer’s account had been unsuitable. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01074. According to the claim, Fulton gave bad recommendations regarding the purchase and retention of the options. The claim also alleges that misrepresentations had been made by Fulton in regard to the investment strategy.
Fulton has been identified in three additional customer initiated investment related disputes concerning accusations of his misconduct while employed by Alex Brown Incorporated, Deutsche Bank Securities and UBS Financial Services. FINRA Public Disclosure confirms that a customer filed an investment related complaint concerning Fulton’s activities where the customer sought unspecified damages founded on accusations that the stockbroker’s recommendation of removing a hedge against the drop in price of Vincam Group stock was unsuitable in view of the customer’s risk tolerance and financial position. The complaint alleges that the customer sustained at least $1,000,000.00 in losses.
Another customer filed an investment related complaint pertaining to Fulton’s conduct in which the customer requested $250,000.00 in damages supported by allegations that excessive over-the-counter equities transactions were facilitated in the Deutsche Bank Securities customer’s account which contributed to the poor performance of the customer’s investments. The claim also alleges that a fiduciary duty that was owed to the customer had been breached and that the stockbroker neglected to follow the customer’s investment instructions.
On October 3, 2018, a customer filed an investment related complaint in reference to Fulton’s conduct where the customer sought damages estimated to exceed $5,000.00 based upon accusations that between November 8, 2017 and September 18, 2018, the UBS Financial Services customer was unsuitably advised by Fulton regarding structured products. The claim alleges that the customer was not told about the nature of the structured products and that the stockbroker failed to take into account the customer’s liquidity needs and investment objectives before placing him in those products. According to the claim, the customer’s account was also overconcentrated by Fulton in mutual funds causing the customer to experience losses.