Bob Elmo: $1.3 Million Complaint Against NYC UBS Broker

New York City-based UBS Financial Services broker and investment adviser Bob Elmo (CRD#: 200601) has received a pending customer complaint seeking damages of more than $1 million, according to records provided by the Financial Industry Regulatory Authority (FINRA). The complaint alleges in part that Elmo recommended unsuitable products.

Bob Elmo’s BrokerCheck report lists one pending customer complaint against him. Filed in April 2021, it alleges that he recommended unsuitable equities investments that resulted in principal losses. It goes on to allege that the customers’ “risk profiles were changed without knowledge or consent.” The pending complaint alleges damages of $1,312,698.56.

For reference, the “suitability” of an investment refers to its appropriateness for an investor’s individual investment profile and needs. When determining an investment’s suitability for the investor, a broker weighs considerations including the investor’s age, net worth, investment experience, investment goals, and risk tolerance. FINRA rules prohibit brokers from recommended investments that are unsuitable for an investor, and from misrepresenting material facts about an investment that might lead a customer to make unsuitable investments. To be clear, the suitability standard is distinct from the fiduciary standard requiring investment advisers to prioritize the investor’s interests above their own.

Bob Elmo has been registered as with UBS Financial Services in New York, New York as a broker since 1980 and as an investment adviser since 2013. His previous registrations include Blythe Eastman Dillon & Company, where he was registered from 1972-1980, and Eastman Dillon Union Securities & Company, where he was registered from 1960-1972. He has passed five securities industry qualifying examinations: the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; the AMEX Put and Call Exam, or PC; the Registered Representative Examination, or Series 1; and the General Securities Principal Examination, or Series 00. His BrokerCheck report lists 26 state securities licenses. (Information current as of June 6, 2021.)