A FINRA arbitration panel issued an award last month to a client of Greco & Greco who had filed securities fraud, breach of fiduciary duty, negligence, unsuitability, and other legal claims against UBS related to its Yield Enhancement Strategy, also known as YES. The award totaled approximately $300,000.00 and included damages, attorney’s fees, and costs.…
Continue reading ›The U.S. Securities Exchange Commission charged multiple Investment Advisory Firms and Broker-Dealers with unsuitable sales of exchange traded products to their customers. According to the SEC Press Release, the firms recommended the purchase and holding of these products, despite the fact that the products were only supposed to track the short term volatility in the…
Continue reading ›In a recent disciplinary action against Cadaret, Grant & Co., Inc., FINRA discusses various red flags that should have been investigated by the firm to discover and prevent the sale of a ponzi scheme investment to its customers. The Letter of Acceptance, Waiver and Consent (found here) states that the firm “failed to reasonably supervise…
Continue reading ›The SEC and federal prosecutors recently charged a Mclean, Virginia based Morgan Stanley financial advisor with stealing millions of dollars from his customers from 2007 to 2019 when his fraud was discovered. The SEC Complaint against the broker, Michael Barry Carter (also known as “Mike Carter”), can be found at https://www.sec.gov/litigation/complaints/2020/comp-pr2020-158.pdf The SEC alleged that…
Continue reading ›FINRA issued a Letter of Acceptance, Waiver and Consent against Suntrust Investment Services, Inc. in May of 2020 related to the recommendation and failure to supervise non-traditional ETFs to customers. Non Traditional ETFs include ETFs designed to, on a daily basis, return a multiple of an underlying index or benchmark, or the inverse of the…
Continue reading ›Greco & Greco is currently investigating and filing FINRA arbitration claims for investors harmed by UBS’s Yield Enhancement Strategy. This strategy was marketed to UBS customers as a means to generate additional income on existing accounts with minimal risk. UBS claimed that the options program, which allegedly used an “Iron Condor” strategy, would a) generate…
Continue reading ›W. Scott Greco, working with local Puerto Rico co-counsel, represented multiple customers in FINRA arbitrations in 2019 against UBS of Puerto Rico that resulted in monetary awards to the customers. The first, a case involving overconcentration in risky UBS Puerto Rico closed end funds, resulted in an award of $4,813,161.00 which were the principal losses…
Continue reading ›An all-public arbitration panel of the Financial Industry Regulatory Authority Inc. has awarded five clients of UBS Financial Services more than $521,000 in compensatory damages in a case related to the clients’ investments in Puerto Rican bonds and closed-end bond funds. The clients, all residents of Puerto Rico, claimed UBS violated the Puerto Rico Uniform…
Continue reading ›A FINRA arbitration panel issued an award of damages to Greco & Greco clients against UBS of Puerto Rico on February 23, 2018. The arbitration involved multiple Puerto Rico customers of UBS who had been invested primarily in UBS Puerto Rico Closed-End Mutual Funds and Puerto Rico Bonds. The award, totaling $521,075.00 in damages, was…
Continue reading ›Investigation Regarding Terry Trenchard (aka Teryl Lee Trenchard) of Capitol Securities in Reston, Virginia. Greco & Greco is currently investigating possible claims regarding a Reston, Virginia financial advisor, Terry Trenchard. Mr. Trenchard was registered to sell securities with Capitol Securities Management from 2009 to 2015, with Aegis Capital from 2003 to 2009, and with Voss…
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