UBS Rep Timothy Croak: $848,000 Award in Options Complaint

Timothy Croak (CRD# 840899), a New York City-based broker and investment adviser, was involved in a customer complaint that concluded with an award to the claimants, according to Financial Industry Regulatory Authority (FINRA) records. The complaint against the UBS Financial Services representative alleged misconduct surrounding an options investment strategy.

The complaint listed in Timothy Croak’s FINRA records was filed in April 2019. It detailed allegations of misconduct that took place between August 2017 and the present, while he was a representative of UBS Financial Services. The complaint specifically alleges that a UBS options overlay strategy was unsuitable, and further that material facts regarding the investment were misrepresented. The complaint evolved into a FINRA arbitration proceeding, which concluded with a finding that his member firm was liable for more than $848,000 in damages and interest.

Timothy Croak’s records also list two settled complaints. One was filed in July 2002. It alleged that while a representative of Donaldson Lufkin & Jenrette Securities Corporation, he misrepresented two bond purchases as safe investments. The complaint reached a settlement of $9,900. The second complaint was filed in May 1989. It alleged that as a representative of Morgan Stanley & Company, he failed to execute sell orders before a market crash, resulting in losses. The complaint reached a settlement of $13,750.

Timothy Croak has been registered with UBS Financial Services in New York, New York since 2015. His previous registrations include Credit Suisse Securities in New York City, where he was registered from 2003 until 2015; Donaldson Lufkin & Jenrette Securities in New York City and Jersey City, New Jersey, where he was registered from 1990 until 2003; Morgan Stanley & Company in New York City, where he was registered from 1986 until 1990; and Merrill Lynch, where he was registered from 1977 until 1978. He has passed three securities industry qualifying examinations: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. His BrokerCheck report lists 28 state securities licenses. (Information current as of May 11, 2022.)

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