A disciplinary action taken by the Financial Industry Regulatory Authority against former Pasadena, California broker and investment advisor Dennis Mehringer...Read More
Bradley Ross: UBS Advisor Has 7 Customer Complaints
Bradley (Brad) Ross of UBS Financial Services in Fort Lauderdale, Florida, has seven customer complaints disclosed on his regulatory report. This report can be viewed through the Financial Industry Regulatory Authority’s (FINRA) Brokercheck portal. Of the seven customer complaints, five were from 2014 to present and six resulted in payments to customers.
The latest complaint, which was reported on or around June 19, 2016, alleged “over-concentration and unauthorized trading with respect to certain securities which are historically used as hedges against the market and inflation” with $99,000 in damages. The claim was settled for $25,000.
Another complaint, dated May 19, 2015, alleged “the recommendations to invest in Golden Queen Mining LTD and Tocqueville Gold Fund were not consistent with their risk tolerance.” That claim was denied by the firm without payment to the customer. The third latest complaint, from April 2015, alleged $94,862 of damages and “the [financial advisor] refused to follow client’s directives to sell, violated multiple fiduciary obligations including the buying of unsuitable investments and making unauthorized trading.” That claim was settled for $35,000.
On February 2, 2015, another client alleged “unsuitability and overconcentration of their monies in one specific sector which created inappropriate risk” and $400,000 of damages. That claim settled for $160,000.
On August 4, 2014, a customer alleged that his financial advisor “recommended overconcentration in precious metals investments.” That complaint resulted in an arbitration in front of a FINRA arbitration panel, and the customer was awarded $225,000 in damages.
Prior to those five complaints, Ross had two other customer complaints in 1999. Those complaints settled for $15,000 and $9,999.
If you lost money due to unsuitable investments, please call us at 888-976-6111 for a free consultation.