UBS Financial Sued For Defective Options Strategy
Scott Michael Rosenberg of New York New York a stockbroker currently registered with UBS Financial Services Inc. is referenced in a customer initiated investment related arbitration claim in which the customer sought $400,000.00 in damages supported by accusations that (1) unfounded statements had been made concerning the terms and conditions of an options overlay strategy and (2) the customer had been placed into investments that failed to be suitable given the customer’s objectives for investing or overall circumstances. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02550 (Sept. 16, 2019).
FINRA Public Disclosure confirms that Rosenberg is the subject of eleven additional customer initiated investment related disputes containing allegations of his misconduct during the period in which he was associated with UBS Financial Services. Specifically, on April 17, 2018, a customer filed an investment related complaint concerning Rosenberg’s conduct where the customer sought damages estimated to exceed $5,000.00 founded on accusations of omissions concerning the risks of an investment strategy selected for the customer’s account between August 22, 2017 and March 21, 2018.
Rosenberg is referenced in another customer initiated investment related complaint on March 7, 2019 in which the customer sought more than $5,000.00 in damages based upon allegations that between March 13, 2018 and November 16, 2018, an investment strategy was mispresented or falsely portrayed as functioning like an insurance policy that would take advantage of the difference between realized and implied volatility. On May 24, 2019, another customer filed an investment related complaint involving Rosenberg’s conduct where the customer requested more than $5,000.00 in damages supported by accusations of false or misleading statements concerning both investment returns and the risks of an investment strategy utilized from January 10, 2017 and May 24, 2019.
Also, a customer filed an investment related arbitration claim concerning Rosenberg’s activities in which the customer sought $6,000,000.00 in damages founded on allegations of misrepresentation and suitability concerning an options overlay strategy executed by the stockbroker from 2018 to 2019. FINRA Arbitration No. 19-01005 (June 6, 2019). In addition, Rosenberg is the subject of a customer initiated investment related arbitration claim where the customer sought $1,835,184.30 in damages based upon accusations of bad investments being recommended for the customer to purchase and hold; and misrepresentations being made about options products which led the customer to experience unwarranted losses. FINRA Arbitration No. 19-01723 (June 19, 2019).
Rosenberg has been registered with UBS Financial Services since November 20, 2015.