Investor Complaints Against UBS Rep Christopher Tolman

Christopher Tolman (CRD# 2066775), a broker and investment adviser based in New York City, has received pending complaints alleging that an options overlay strategy investment offered by his firm, UBS Financial Services, was unsuitable. The complaints cumulatively allege more than $1.5 million in damages, according to records maintained by the Financial Industry Regulatory Authority (FINRA).

One pending complaint listed on Cristopher Tolman’s BrokerCheck report was filed in October 2019 and lists a time frame of “2016-present.” It alleges that the options overlay strategy offered by UBS Financial Services was unsuitable for the customer and misrepresented by the firm. The complaint alleges damages of $750,000.

A second pending complaint listed on Tolman’s BrokerCheck report details similar allegations within a time frame of 2016 until the present. Like the above complaint, it alleges that the strategy was neither suitable nor accurately represented by the firm. This complaint alleges damages of $800,000.

Both of the above complaints include a “Broker Comment” by Tolman. His comment on the October 2019 complaint notes that it was filed “by a sophisticated, high net-worth client with experience investing in complex financial products,” who Tolman states was advised of the product’s risks and concluded it met his investment profile. Tolman writes that the strategy “performed poorly due to unanticipated market conditions” and that neither he nor his team were specifically named in the complaint. His comment on the September 2019 complaint similarly states that the client was sophisticated and made an informed decision to participate in the investment strategy, which Tolman says went on to suffer “a difficult period.”

Christopher Tolman has been registered with UBS Financial Services in New York, New York since 2010. His previous registrations include Credit Suisse Securities in New York, New York; Bear Stearns & Company in New York, New York; Prudential Securities in New York, New York; and Smith Barney Harris Upham & Company in New York, New York. He has passed four securities industry qualifying examinations and his BrokerCheck report lists 38 state securities licenses, including: Delaware, Maine, Maryland, Michigan, Minnesota, Nevada, New Hampshire, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, Washington, Wisconsin, and Wyoming. (Information current as of July 13, 2020.)