Category Archives: UBS

Richard D. Niemann- USB Financial Broker-Discloses Regulatory Event and Customer Settlements- Sugarland, TX

May 2019- Sugarland, TX

According to publicly available records Richard D. Niemann (CRD#348144) ,  a  stockbroker who is currently registered with USB Financial Services, Inc.,  discloses a regulatory event and 2 settled customer disputes .

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 3/ 2019,  without admitting or denying the findings, Niemann consented to sanctions and to the entry findings that he exercised discretion in customers’ accounts without obtaining prior written authorization.   The findings stated that Niemann did not obtain written authorization from his firm to make trades in the accounts on a discretionary basis.   The sanctions ordered were a 15 day suspension and a $5,000 monetary fine. FINRA case 2018057927801 .

In March of 2008,  a USB Financial Services, Inc., customer filed a complaint that arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred.    The case settled for $575,000.

In June of 2008, another USB Financial Services, Inc., customer complaint arose out of the sale of an auction rate security (ARS) that was made prior to the widespread illiquidity in the ARS market that occurred.  The case settled for $75,000.

Niemann has been employed with USB Financial Services, Inc.  since January 2002.

If you have questions about an investment account handled by Richard D. Niemann contact us for a no charge consultation to learn about your legal options.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Losses on UBS Yield Enhancement Strategy? (UBS YES)- How to Recover Damages

May 2019

Investors who have suffered losses as a result of investing in the UBS Yield Enhancement Strategy program (UBS YES Trading Program) may be able to recover damages through FINRA arbitration.

The Yield Enhancement Strategy was offered by UBS to high net worth investors and touted as an option based trading strategy designed to generate returns by the sale and purchase of SPX index option spreads.

Recently investors in the UBS YES trading program have experienced significant losses and may be facing margin calls or the requirement to put up additional collateral.

We are currently investigating whether the risks associated with investing in the UBS YES program were adequately disclosed and whether the recommendation to invest in the program was suitable for certain investors.

If you have losses on the UBS YES trading program and believe that the risks were not adequately disclosed to you or that the recommendation was not suitable for your investment objectives, we may be able to help you recover damages.  Call for a no obligation discussion of your options with an experienced securities attorney.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Richard Bernstein-Wells Fargo Broker-Dislcoses 2 Pending & 6 Final Customer Disputes-Incline Village, NV

March 2019 – Incline Village, NV

According to publicly available records  Richard Jay Bernstein  (CRD# 1113777) ,  a   registered stockbroker currently employed by Wells Fargo Clearing Services,  disclose 2 pending and 6 prior customer disputes.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In a prior customer dispute (case #95-03046) an arbitration panel awarded  a customer of Smith Barney Shearson $91,200 to resolve allegations of unauthorized trading, misrepresentation, suitability and breach of fiduciary duty.

The currently pending matters include:

January of 2019, a Morgan Stanley Smith Barney customer filed FINRA case #19-00013 alleging  unsuitability with respect to investment recommendations and is seeking damages of $175,500.

January of 2017,  a Morgan Stanley  customer filed FINRA case #17-00137 alleging  unauthorized trading that conflicted with the client’s stated investment goals and is seeking damages of $81,738.

Bernstein has been employed by Wells Fargo Clearing Services since November  2016.   He was previously employed with Morgan Stanley from April 2009 to July 2015.   He was with USB Financial Services prior to that time.

If you have losses in an account handled by Richard J. Bernstein, contact us for a no charge consultation to learn how you may be entitled to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Matt Streif-UBS Financial Broker-Discloses $350K Customer Settlement-Austin,TX

January 2019, Austin, TX

According to publicly available records  Matthew T. Streif, a stockbroker registered with UBS Financial Services , discloses a customer dispute that was resolved by a  cash settlement of $350,000.

The Financial Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms.   FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions.   In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In 12/2016, a customer of  Streif’s prior employer, Morgan Stanley Smith Barney,  filed FINRA case #16-03596, alleging that their  account was churned and that profits were shared with the broker on equities, futures,  commodities and exchange traded funds, from 2009 until 2015.   The case was settled in 4/2018 for $350,000.

Streif has been employed by UBS Financial Services since October 2015.    He was with Morgan Stanley from 2005-2015.

If you have questions about account handled by Matt Streif contact us for a no charge consultation to learn about your legal options for recovery of losses.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Lorenzo Esteva-Former Merrill Lynch Broker-Discloses Numerous Customer Disputes-Miami, FL

September 2018- Miami, FL

According to publicly available records Lorenzo Esteva  (CRD#2170595) , a  former stockbroker previously registered with Merrill Lynch , disclose a regulatory event,  six prior and one currently pending customer disputes, and a termination from employment.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.   

In September 2017 Esteva was permanently barred from the securities industry by FINRA.   Esteva consented to the sanction and to the entry of findings that he failed to produce FINRA-requested documents and information as part of an investigation into customer complaints that Esteva provided falsified account statements to a customer from 2001 to 2017 and that he improperly journaled funds between accounts of two unrelated customers.

In June of 2017, a USB Financial Services customer filed a complaint alleging that Esteva moved money out his account without permission. This case was settled for $16,600.

In July of 2016 a Merrill Lynch, Pierce, Fenner & Smith customer filed a complaint alleging the Esteva made unauthorized trades and made misrepresentations to the customer.   The case was settled for $69,552 in 11/2016.

In currently pending FINRA case 18-0377 a customer of Merrill Lynch alleges that Esteva made unsuitable investment recommendations and is seeking damages of $2.5 million.

In June of 2017 Esteva was discharged from USB Financial Services after “he admitted providing a client with documents containing false account information.   Further investigation found that Financial Advisor (i) provided at least one more client with documents containing false account information and (ii) improperly journaled money between unrelated client accounts.”

Lorenzo Esteva was with USB Financial Services  from November of 2015 until June 2017.   Before that, he was employed with Merrill Lynch, Pierce, Fenner & Smith from August of 1991 until November of 2015.

If you have losses in an account handled by Lorenzo Esteva,  contact us for a no charge consultation to learn how you may be able to recover damages.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870