Andrew Burish: $23M Losses Alleged in UBS Rep’s Tesla Recs

UBS Financial Services broker and investment adviser Andrew Burish (CRD# 1111163) has received a pending customer complaint alleging he recommended an unsuitable investment strategy that resulted in losses of $23 million. According to records provided by the Financial Industry Regulatory Authority (FINRA), Burish is currently registered with UBS’s branch office in Madison, Wisconsin.

Andrew Burish’s FINRA-maintained BrokerCheck report lists a total of one pending customer complaint against him, as well as a customer complaint that settled.

One complaint, filed in February 2021, alleges that as a representative of UBS Financial Services, Andrew Burish recommended the investors employ an “unsuitable and risky strategy” that involved selling Tesla stock short, then recommended the investors “continue to hold the positions in the face of mounting losses.” The pending complaint alleges damages of $23,085,874.

A second complaint, filed in January 2021, alleges that as a representative of UBS Financial Services, Andrew Burish recommended an “unsuitable concentrated investment strategy.” The complaint alleged $20 million in damages and was denied.

A complaint filed in 2010 alleged that as a representative of UBS Financial Services, Andrew Burish unsuitably recommended the customers invest in Lehman structured products. The complaint reached a settlement of $1,004,000. In a “Broker Comment” on the disclosure, Burish said in part: “Despite the fact that this case was settled, there should be no assumption that there was any liability or wrong doing on my part related to the settlement. These clients were highly successful, sophisticated business people who were involved in numerous high dollar projects… there should be no liability or wrongdoing associated with this settlement on my part whatsoever.”

Financial Industry Regulatory Authority (FINRA) records show that Andrew Burish holds 38 years of securities industry experience. He has been registered with UBS Financial Services in Madison, Wisconsin as a broker since 1984 and as an investment adviser since 1990. He was previously registered with Piper Jaffray & Hopwood Incorporated. He has passed six securities industry qualifying examinations: the Uniform 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 General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; and the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8. He currently holds 52 state securities licenses. (Information current as of June 10, 2021.)