Dean & Michael Meniktas: UBS Advisors Face $1mm Complaint

A recent investor complaint against Walnut Creek, California financial advisors Dean (CRD# 2553748) and Michael Meniktas (CRD# 3186445) alleges that they recommended an investment that resulted in damages exceeding $1 million. Financial Industry Regulatory Authority records show that each is registered as a broker and an investment advisor with UBS Financial Services, whose website describes them as members of the Meniktas Wealth Management Group.

Each representative’s BrokerCheck report discloses the same investor complaint. Filed in July 2024, it alleges that as representatives of UBS Financial Services, they unsuitably recommended an investment in a “complex life insurance investment strategy.” The complaint alleges further that this investment was a “selling away scheme,” or in other words that it was not offered by the firm. The pending complaint alleges damages of $1,036,306.

The Meniktas Wealth Management Group’s website includes a page describing the practice’s history and services. “The Group has over 65 years of combined experience in financial services industry,” it explains. “In addition to investment expertise, the Group has extensive experience in retirement planning and legacy planning techniques to pass increased wealth to our client’s future generations and chosen charities.”

According to the Financial Industry Regulatory Authority, Dean Meniktas holds 29 years of securities industry experience. Based in Walnut Creek, California, he has been registered as a broker and an investment advisor with UBS Financial Services since 2008. He was previously registered with Merrill Lynch in Oakland, California from 1994 until 2008. Michael Meniktas, meanwhile, has been registered with UBS since 2008 and was previously registered with Merrill Lynch from 1999 until 2008. Each representative has passed the same four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; 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. (Information current as of August 3, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.