Complaints Against Eric Wittenberg Allege Unsuitable Options Strategy

Eric Wittenberg (CRD# 1552330), a broker and investment adviser based in New York City, has received three 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 million in damages.

The most recent complaint detailed on his BrokerCheck report alleges that recommendations to invest in and hold an options overlay strategy were unsuitable and misrepresented. The investor alleges damages between $500,000 and $1,000,000 in the pending complaint

A second 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 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, 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 six securities industry qualifying examinations and his BrokerCheck report lists 25 state securities licenses, including: Alabama, Arizona, Connecticut, Idaho, Michigan, New Jersey, New York, North Carolina, Texas, and Wisconsin. (Information current as of May 11, 2022.)

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