Tag Archives: UBS Financial investigation

Investigation UPDATE-Bill Hightower Indicted-Former UBS Stockbroker-Houston, TX

OCTOBER 2018- Houston, TX

We are currently pursuing FINRA arbitration claims on behalf of investors who were victims of William Hightower.

In a recently filed case on behalf of a retired couple from central Texas the victims allege that  Hightower recommended investments in Hightower Capital Group common stock, an allegedly risky and unsuitable private investment that has caused significant financial damages. In addition, our clients allege that Hightower made unsuitable investment recommendations that resulted in significant damages.

Hightower Indicted for Securities Fraud

The United States Attorney for the Southern District of Texas announced the indictment of  William Hightower of Bellaire, Texas, who is charged with 13 counts of wire fraud, mail fraud and money laundering. The indictment charges that Hightower took money from clients from 2013-2018 and  made false promises while he was operating a Ponzi scheme.

If convicted, Hightower faces up to 20 years in prison for each count.

Hightower Accused of Securities Fraud In Civil Suit

Recently 3 residents of Harris County, TX, filed an intervenor action in the divorce proceeding which is currently pending between Bill Hightower and his wife, Susan Hightower. Cause #2018-46462, 311th Judicial District, Harris County, TX.

One of the intervenors, a 78 year old widow,  alleges that beginning in 2013,  Bill Hightower convinced her to purchase several ‘private annuities’, totalling an investment of $1.65 million. These investments were purportedly guaranteed by Hightower Capital Group and Bill Hightower individually.

It is alleged that in 2014 Hightower sold her 900 shares of Hightower Capital Group stock for $900,000. Millenium Trust Company, a licensed financial services company, allegedly signed off on the sale.

According to the complaint filed by the intervenors,  Hightower defaulted on payments due on one of the annuities in early July 2018 and 11 days later his wife Ann filed for divorce from Bill, listing real estate properties (a lake property and a ranch)  which the intervenors contend were purchased with the widow intervenor’s retirement money.

The FINRA records of  William A. Hightower,  a  former stock stock broker who worked for UBS for many years and who was last  employed by Legacy Asset Securities ,  currently disclose a prior regulatory event and two 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 10/2015 FINRA permanently barred Hightower from the securities industry for refusing to fully respond to a FINRA request for documents and information in connection with an investigation into allegations that Hightower, while employed by UBS Financial Services, improperly steered  customers to an unapproved private securities investment.

In FINRA Case 15-03387 a customer of UBS Financial Services alleged that Hightower recommended the purchase of a high risk, illiquid and unsuitable, unregistered private placement security. The customer sought damages of $150,000. In May 2018 the case was settled for $125,000

HIghtower was employed by Legacy Asset Securities from 9/2013-6/2015 and with UBS Financial Services from 6/2007-9/2013.

If you have losses in an investment in Hightower Capital Group or other losses in account handled by William Hightower, call for a no charge consultation to discuss your legal options for recovery of 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

German Mora-Former Merrill Lynch Broker-Discloses Terminations From Employment-San Antonio, TX

April 2017- San Antonio, Texas

The FINRA records of  German Ricardo Mora ,  a  former Merrill Lynch stockbroker who is currently not registered discloses two recent terminations 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 November 2016, German Mora was discharged by Merrill Lynch who made the following comment in connection with the termination of Mora: “Conduct including exercising time and price discretion in client accounts and mismarking trades as unsolicited” .

In January 2017 Mora was discharged by his new employer Wells Fargo Clearing Services who made this comment in connection therewith: “Provided inaccurate information regarding discharge at prior employer. “

German Mora  was employed by Merrill Lynch from 1/2015-12/2016. His industry employment prior to that includes BBVA Securities, CP Capital Securities and UBS Financial.

If you have losses in an account in an account handled by German Mora  , contact us to discuss how you may be able to recover damages for those 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

Bassam A. Salem-Wunderlich Securities Broker-Discloses Pending Customer Dispute

Birmingham, Michigan

According to FINRA records,  Bassam A. Salem,  a stockbroker  who currently works for Wunderlich Securities ,  discloses  a pending customer dispute and a prior final customer dispute.

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 currently pending FINRA Case #16-01161, a customer  alleges damages of $281,000 for unsuitability, unauthorized trading, failure to supervise and breach of fiduciary duty from 2011-2015.

In a prior case FINRA Case #9-2531 a customer while Salem was employed by UBS Financial alleged damages of $300,000 for unsuitable investments and failure to diversify. That case was settled for $92,500.

Salem  has been employed by Wunderlich Securities  since 1/2011. Prior to that he was employed by UBS Financial.

If you have questions about an account handled  by Bassam A. Salem , call for a no charge consultation.

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

Robert M. Kuhn-Former UBS Broker-DIscloses Customer Dispute and Regulatory Matter-Plano, TX

Plano, Texas

According to FINRA records, Robert M. Kuhn  a stock broker who worked for UBS Financial Services from  9/2011-11/2015 discloses a regulatory matter that has been finalized , a pending customer dispute  and 3 outstanding judgement/liens.

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 May 2016, the Texas State Securities Board (TSSB) suspended Kuhn in his capacity as an investment adviser representative for 30 days and fined him $5,000. The TSSB alleged that Kuhn had personally guaranteed multiple lines of credit on behalf of a private company he invested in, but did not disclose this loan guarantee to UBS.  That company failed and liens were filed against Kuhn who failed to timely disclose the liens on FINRA reporting forms in violation of the Texas Securities Act.

A dispute received in March 2016 alleges damages of $100,000 by a customer who alleges that he was lead to believe by Kuhn that the principal of an annuity was protected against market loss and could never go down. The customer also alleges that the annuity is unsuitable.

If you have questions about an account handled by Robert M. Kuhn, call for a no charge consultation.

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

Thomas G. Gresham-Moloney Securities Broker-Subject Of Numerous Energy Sector Loss Suits- Leawood, KS

May 2018-Leawood, KS

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.

According to FINRA records,  stockbroker Thomas G. Gresham , who is currently registered with Moloney Securities,  discloses fifteen prior customer disputes, many of which allege that he over-concentrated accounts with energy sector investments,  including:

  • FINRA Case 15-0633 by a customer of Moloney Securities aought damages of $150,000 on energy sector investment losses in the 4th quarter of 2014 . That case was settled for $55,000.
  • A 10/2015 complaint by a customer while Gresham was registered with Wells Fargo Advisors who alleged unsuitable recommendations, failure to supervise, violations of Kansas Securities Act. That claim was settled for $110,000.
  • A 7/2015 complaint by a customer while Gresham was registered with Wells Fargo Advisors who alleged unsuitable recommendations, failure to supervise, violations of Kansas Securities Act. That claim was settled for $335,000.
  • FINRA Case 14-01834 in which a customer while Gresham was registered with Wells Fargo Advisors alleged excessive and unsuitable trading and misappropriation of customer funds. That case was settled for $175,000.

Currently Pending Claim for $1 Million

For Energy Sector Losses

Gresham  discloses a currently pending dispute by a customer of his former employer, UBS Financial Services . In FINRA case 17-03338, filed in December 2017,  the customer, who is seeking $1 million in damages,  alleges that Gresham failed to convert a ROTH IRA into an ordinary IRA when it lost value causing the account to incur unnecessary tax liability and for losses on unsuitable investment recommendations. In addition the customer alleges excessive and unsuitable trading, fraud, negligence, breach of fiduciary duty and failure to supervise from 1-/2008-11/2017. The investments at issue include oil and gas equities and limited partnerships.

Gresham  has been registered with Moloney Securities since 7/2012. Prior to that he was registered with UBS Financial  Services from 10/2008-5/2012. He was discharged from UBS Financial in 5/2012. UBS made the following allegation on his FINRA record:

“Mr. Gresham’s employment was terminated when his managers lost confidence in his willingness to abide by the firm’s order entry policies because (1 )he mismarked solicited trades as unsolicited after previous discipline for excercising discretion and (2) he did not give satisfactory answers in connection with the firm’s review of the mismarking”

If you have questions about an account handled by Thomas G. Gresham  contact us to discuss your options and to learn how you may be able 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