Barry Schwartz: $1 Million Complaint Against UBS Advisor

Miami financial advisor Barry Schwartz (CRD# 1022377) recently received an investor complaint alleging that his conduct resulted in seven-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with UBS Financial Services.

Mr. Schwartz’s BrokerCheck report discloses two investor complaints. The most recent, filed in December 2023, alleges that as a UBS Financial Services representative, he misrepresented material facts, recommended unsuitable investments, and over-concentrated certain investments in the customers’ accounts. The pending complaint alleges damages of $1 million.

An earlier investor complaint, filed in 1997, alleged that as an Investment Management & Research representative, he recommended unsuitable investments and omitted material facts. In 1998 the complaint reached a settlement of $14,000.

A third disclosure on Mr. Schwartz’s BrokerCheck report concerns a 2013 sanction by the State of Florida. Filed in 2013, it concerned allegations that he operated an unregistered investment advisory business. He agreed to cease and desist from any and all violations and to pay a fine of $22,500.

According to the Financial Industry Regulatory Authority, Barry Schwartz holds 38 years of securities industry experience. Based in Miami, Florida, he has been a broker and an investment advisor with UBS Financial Services since 2013. His past registrations include Sanford C. Bernstein & Company (Miami, Florida; 2008-2013), Nationwide Investment Services Corporation (Columbus, Ohio; 1999-2006), MFI Investments Corporation (Bryan, Ohio; 1994-1998), Investment Management & Research (St. Petersburg, Florida; 1990-1994), Royal Alliance Associates (Jersey City, New Jersey; 1989-1990), Integrated Resources Equity Corporation (1988-1989, 1983), Southmark Financial Services (1983-1988), and American Capital Financial Services (1983). His credentials include the passage of six securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 29 state licenses. (Information current as of December 26, 2023.)

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