Investors Sues UBS Financial Services For Stockbroker Theft

Michael Roy Blueweiss of Melville New York a stockbroker formerly registered with UBS Financial Services Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $600,000.00 in damages based upon accusations that between 2014 and 2017: (1) the customer’s funds had been stolen or otherwise misappropriated by Blueweiss (2) unauthorized trades had been effected in the customer’s account (3) transactions executed in the customer’s investment account were inappropriate for the customer and (4) unfounded statements had been made to the customer in reference to the terms and conditions of the structured notes sold to the customer during the time that Blueweiss was associated with UBS Financial Services Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03773 (Nov. 1, 2018).

FINRA Public Disclosure confirms that Blueweiss has been identified in six additional customer initiated investment related disputes which pertain to allegations of his misconduct during the time that he was employed by securities broker dealers including UBS Financial Services. Specifically, a customer filed an investment related complaint in regards to Blueweiss’ activities in which the customer requested unspecified damages supported by accusations that misrepresentations were made to the customer concerning investments in U.S. Diagnostics, Samsonite and Ericcson; and the customer’s brokerage account was churned. Thereafter, a customer filed an investment related complaint concerning Blueweiss’ conduct where the customer sought $25,000.00 in damages founded on allegations that Globalstar LP senior notes – a corporate debt investment – failed to be suitable for the customer and had been improperly represented by Blueweiss.

Subsequently, a customer filed an investment related complaint involving Blueweiss’ activities in which the customer requested $250,000.00 in damages based upon accusations that the customer was provided poor advice regarding the over-the-counter equities held in the customer’s account given the investments failing to conform to the customer’s goals of investing in income-generating investments. Another customer filed an investment related complaint involving Blueweiss’ conduct where the customer sought $22,495.35 in damages supported by allegations that the customer had been induced into buying one thousand shares of Star Gas Partners equities by way of Blueweiss’ false and misleading statements about the security and safety of the investments; and that Blueweiss disregarded the customer’s instructions concerning a stop-loss order.

Thereafter, a customer filed an investment related complaint concerning Blueweiss’ activities in which the customer requested $94,350.00 in damages founded on accusations that investment recommendations made to the customer failed to be suitable, and false or misleading statements and omissions had been made to the customer concerning reverse convertibles. Blueweiss is also the subject of a customer initiated investment related complaint where the customer sought more than $5,000.00 in damages based upon allegations of the overconcentration of the customer’s assets in annuities and structured products; churning of the customer’s investment account; and omissions in regards to the penalties for withdrawing funds.

Blueweiss was discharged by UBS Financial Services supported by accusations that the firm’s order entry policy had been violated by Blueweiss; and that customer account documentation was improperly signed by Blueweiss. Since November 30, 2017, Blueweiss has been associated with National Securities Corporation.