Joe Katzaroff: $1 Million Suitability Complaint Against UBS Advisor

Irvine, California financial advisor Joe Katzaroff (CRD# 1811119) recently received an investor complaint alleging his conduct resulted in 7-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with UBS Financial Services, whose website shows that he is a member of the Thompson Katzaroff Kottmeier Group.

Mr. Katzaroff’s BrokerCheck report discloses several investor complaints. The most recent, filed in June 2023, alleges that as a representative of UBS Financial Services, he unsuitably managed a trustee’s portfolio and “did not execute investments or an investment strategy consistent with the strategy and goals of the Trustee.” The pending complaint alleges damages of $1 million.

An earlier investor complaint, filed in 2016, alleged that as a UBS Financial Services representative, he made unauthorized trades and failed to disclose the risks of investments. The complaint alleged unspecified damages and was denied. In a statement included with the complaint’s disclosure, he wrote that he “never serviced nor had the primary relationship with the client” and “had no interactions with the client whatsoever and never provided financial advice or placed trades for the client.”

A third investor complaint, filed in 1999, alleged that as a representative of Paine Webber, he breached his fiduciary duty, committed fraud, misrepresented material facts, and recommended unsuitable investments in a mortgage company’s stocks. The complaint reached a settlement of $73,000.

A fourth investor complaint, filed in 1999, alleged that he made unsuitable investment recommendations and concentrated the account in real estate investment trusts (REITs). In 2000 the complaint reached a settlement of $110,000.

According to the Financial Industry Regulatory Authority, Joe Katzaroff holds 34 years of securities industry experience. Based in Irvine, California, he has been a broker and an investment advisor with UBS Financial Services since 1988 and 1997, respectively, with the firm’s website showing that he is a Managing Director of the Thompson Katzaroff Kottmeier Group. His credentials include the passage of 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. He holds 42 state licenses. (Information current as of July 16, 2023.)

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