Tag Archives: UBS Financial Services problem

John Loughran-UBS Financial Broker-Discloses $500K Pending Customer Dispute-NYC

April 2021- New York, NY

According to publicly available records,   UBS Financial Services financial advisor John Loughran,  discloses a pending customer dispute and a prior settled 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 June of 2019, a customer of UBS filed FINRA case #19-01302- alleging unsuitability and misrepresentation regarding an options overlay strategy investment the unsuitability of  a recommendation to hold the strategy.   The alleged damages are $500,000.

Loughran  has been employed with UBS Financial Services, Inc. since July of 2017.   Before that time he was employed with Merrill Lynch, Pierce, Fenner & Smith.  

If you have losses in an account handled by John Loughran, call 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

David Fenning-Morgan Stanley Broker-Discloses Settled 4 Customer Disputes and 1 Pending Customer Dispute-NY, NY

April 2021- New York, NY

According to publicly available records David W. Fenning (CRD#1005307), a stockbroker who works for Morgan Stanley Smith Barney  discloses 4 settled customer disputes and 1 pending 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.

From July of 1997 until July 2011, four customer disputes were filed by customers of UBS Financial Services, Inc. – Fenning’s previous employer – alleging among other things, unsuitable recommendation and misrepresentations in connection with purchase of structured products, notes and preferred stock, breach of fiduciary duty, negligence, fraud and unauthorized trades and transactions.   These cases were cumulatively settled for $369,000.

In May of 2020, FINRA case #20-01343 was filed by a customer of UBS Financial Services, Inc., alleging unsuitability and negligence with respect to recommendations of investment of accounts.   The alleged damages are $173,000 .

Fenning has been employed with Morgan Stanley Smith Barney since May of 2019. Before that he worked with UBS Financial Services, Inc.

If you had an account with David Fenning that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your 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

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

Walter M. Stucker-Former UBS Broker- Named In $600K Suit Over Energy Investments-Ft. Worth, TX

August 2018-Ft. Worth, Texas

The FINRA records of  Walter M. Stucker,  a  stock broker who is currently employed by Wells Fargo Clearing Services ,  disclose a pending customer dispute and 2 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 currently pending FINRA arbitration 18-1155 a customer of UBS Financial Services alleges that Stucker unsuitably concentrated their portfolio in the energy sector and misrepresented the risks associated. The customer seeks damages of $600,000.

Stucker was employed by UBS Financial from 4/2008-5/2017. He is currently employed by Wells Fargo.

If you have losses in an account handled by Walter M. Stucker 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

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

JANUARY 2019- 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, 5 pending customer complaints and two prior customer disputes that have been resolved.

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

The pending customer disputes include:

  • FINRA Case 18-3370 in which a customer of UBS Financial alleges fraud and other causes action related to a Ponzi scheme and is seeking $500,000 in damages.
  • FINRA Case 18-3141 in which a customer of UBS Financial allegesthe Hightower sold her inappropriate investments, including a principal protected note, an alternative private investment which were part of a Ponzi scheme. That is seeking $500,000 in damages.

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