UBS Financial Services Sued For Churning
Michael Roy Blueweiss, of Melville, New York, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related written complaint on November 3, 2014, based upon allegations that Blueweiss churned the customer’s account, concentrated the customer’s investment portfolio in structured products and annuities, and omitted information from the customer pertaining to surrender penalties on annuity products.
Financial Industry Regulatorily Authority (FINRA) Public Disclosure reveals that Blueweiss has been identified in five additional customer initiated investment related disputes containing allegations of Blueweiss’ misconduct while employed with UBS Financial Services Inc. Particularly, on February 23, 2011, a customer filed an investment related arbitration claim involving Blueweiss’s conduct, in which the customer requested $252,770.00 in damages based upon allegations that Blueweiss made omissions or misrepresentations and unsuitable investment recommendations in reference to UBS reversed convertible products that had been linked to Lehman Brothers common stock.
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