Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Eric Wittenberg: Complaints Allege Unsuitable Options Strategy
Eric Wittenberg (CRD# 1552330), a broker and investment adviser based in New York City, has received two pending complaints detailing allegations connected to an options strategy investment. According to records maintained by the Financial Industry Regulatory Authority (FINRA) records, the complaints against the UBS Financial Services representative seek more than $1.5 million in damages.
A complaint filed in May 2020 alleges that Eric Wittenberg, while registered with UBS Financial Services, misrepresented and unsuitably recommended an investment in an options overlay strategy, with a time frame beginning in May 2018. For reference, “suitability” refers to a standard brokers are required to follow, which entails recommending investments that align with an investor’s specific background and needs, such as their investment experience, net worth, income, and risk tolerance. This pending complaint alleges damages of $420,000.
A complaint against Eric Wittenberg filed in August 2019 details the same allegations regarding the same investment, with the time frame beginning in 2017. This complaint, which also remains pending before FINRA, alleges damages of $1 million.
A third complaint against Eric Wittenberg, filed in April 2019, alleges that as a representative of UBS, he made misrepresentations and unsuitable recommendations regarding the options strategy from September 2016 until the present. For reference, “misrepresentation” refers to the false representation of material facts, or information that poses a significant consideration to an investor’s decision-making. This complaint, which remains pending before FINRA, alleges damages of $400,000.
Eric Wittenberg has been registered with UBS Financial Services in New York, New York since 2015. He was previously registered with Merrill Lynch in New York, New York from 2002 until 2009. He has passed five securities industry qualifying examinations and his BrokerCheck report lists 24 state securities licenses, including: Alabama, Arizona, Connecticut, Idaho, Michigan, New Jersey, New York, North Carolina, Texas, and Wisconsin. (Information current as of July 12, 2020.)