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Options Overlay Complaint Against UBS Advisor Jose Cornide

Pending investor complaints against UBS Financial Services broker and investment advisor Jose Cornide (CRD# 2785918) allege conduct including suitability violations and misrepresentation by the Coral Gables, Florida-based representative. According to information drawn from Financial Industry Regulatory Authority records, the complaints involve investments in an options overlay strategy.

A pending July 2019 complaint alleged that as a representative of UBS Financial Services, Jose Cornide misrepresented material facts and unsuitably recommended the claimant invest in and hold an options overlay strategy. The complaint alleges damages between $500,000 and $1,000,000.

A pending June 2019 complaint alleges that as a representative of UBS Financial Services, Jose Cornide made unsuitable investment recommendations and misrepresentations concerning an options overlay strategy. The complaint alleges damages of $1,200,000.

A pending April 2019 complaint alleges that as a UBS representative between June 2016 and January 2019, he misrepresented material facts and unsuitably recommended the claimants invest in and hold an options overlay strategy. The complaint alleges damages of $10,000,000.

Jose Cornide’s disclosure records also include two complaints denied by his member firm. One such complaint, filed in April 2019, alleged that the customer was “fraudulently sold” the product; the customer sought damages estimated to exceed $5,000. Another complaint, filed in March 2019, alleged Cornide misrepresented an investment strategy as “very safe, very stable, not volatile and very liquid.” The claimant sought damages estimated to exceed $5,000. UBS Financial Services denied both of the above complaints.

Jose Cornide is currently registered with UBS Financial Services’ Coral Gables, Florida office. His employment history includes Goldman Sachs & Company in New York, New York. He has passed five securities industry qualification examinations and holds 16 state licenses: Arkansas, California, Colorado, Delaware, Florida, Georgia, Maryland, Massachusetts, New Jersey, New York, South Carolina, South Dakota, Tennessee, Texas, Utah, and Wisconsin.

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