$600K Options Complaint Against Los Angeles Broker Bill Calvert
Financial Industry Regulatory Authority (FINRA) records indicate that UBS Financial Services broker Bill Calvert (CRD# 1023796) has received a pending customer complaint regarding an allegedly unsuitable investment in an options overlay strategy. Calvert is based in Los Angeles, California, where he is also registered as an investment adviser
The pending complaint against Bill Calvert was filed in April 2020. It details alleged conduct that took place between 2017 and 2019, while Calvert was a representative of UBS Financial Services. The complaint specifically alleges that recommendations concerning an options overlay strategy—both to invest in the strategy and to hold the investment—were misrepresented by UBS and unsuitable for the customer’s particular investment profile. The complaint alleges damages of $600,000, and remains pending before FINRA.
Bill Calvert has been registered as a broker with UBS Financial Services in Los Angeles, California since 2008. His previous registrations include Lehman brothers in Los Angeles, California, where he was registered from 2000 until 2008; and Goldman Sachs & Company in New York, New York, where he was registered from 1981 until 2000. He has passed six securities industry examinations: the Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the Foreign Currency Options Examination, or Series 15; the Interest Rate Options Examination, or Series 5; and the General Securities Representative Examination, or Series 7. His BrokerCheck report lists 25 states securities licenses: Alabama, Arizona, California (broker and investment adviser), Colorado, Connecticut, Florida, Hawaii, Idaho, Illinois, Massachusetts, Minnesota, Nebraska, Nevada, New York, North Carolina, Ohio, Oregon, Tennessee, Texas (broker and investment adviser), Utah, Virginia, Washington, Wyoming. His self-regulatory organization (SRO) registrations include FINRA, the Nasdaq Stock Market, and the New York Stock Exchange. (Information current as of July 16, 2020.)