Investors Sue UBS Financial For Misrepresentation
Martin Joseph Hare of Oakbrook Illinois a stockbroker associated with UBS Financial Services Inc. has been referenced in a customer initiated investment related arbitration claim which has been settled for $70,000.00 in damages supported by allegations that between 2017 and 2018: (1) UBS failed to supervise Hare’s transactions (2) the customer’s account had been imprudently managed by the stockbroker and subject to unlawful transactions (3) a fiduciary duty owed to the customer had been breached and (4) misleading statements were made by Hare pertaining to the penalties and tax liabilities on transactions that he initiated for the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04106 (June 6, 2019).
FINRA Public Disclosure confirms that Hare has been identified in two more customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by securities broker dealers including Dean Witter Reynolds Inc. and Merrill Lynch Pierce Fenner Smith Incorporated. In particular, a customer initiated investment related complaint concerning Hare’s activities was resolved for $6,500.00 in damages founded on accusations that when Hare was employed by Dean Witter Reynolds Inc., false or misleading statements had been made in regard to the risks of investments.
Also, a customer filed an investment related complaint pertaining to Hare’s conduct in which the customer requested $30,000.00 in damages supported by allegations that when Hare was employed by Merrill Lynch, investment recommendations failed to be suitable and mutual fund transactions that the stockbroker facilitated in the customer’s account led the customer to experience undue losses.
Hare’s employment with UBS was terminated on December 11, 2017. The stockbroker has been registered with RBC Capital Markets LLC since November 30, 2017.