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Kenneth Shapiro: Suitability Complaint Against UBS Rep

Kenneth Shapiro (CRD# 4560098), a broker and investment based in New York City, has received a pending complaint alleging that as a representative of UBS Financial Services, he recommended unsuitable options overlay strategy investments. According to Financial Industry Regulatory Authority (FINRA) records, the complaint seeks several hundred thousand dollars in damages.

The complaint in question was filed in October 2019. It alleges that as a representative of UBS Financial Services, between 2017 and the present, Kenneth Shapiro recommended an unsuitable investment in the strategy, and misrepresented material facts regarding it. For reference, an “unsuitable” investment is one that does not align with an investor’s particular investment profile, including their net worth, investment experience, investment goals, and risk tolerance. “Misrepresentation,” meanwhile, typically refers to the false representation of material facts about an investment, such as those concerning a product’s risk. As for the complaint against Shapiro, the customer is seeking damages of $500,000.

FINRA records list a “Broker Comment” by Shapiro on the pending complaint, which states in part: “The arbitration was filed by a sophisticated, high net-worth client with significant investment experience. The client was provided detailed information about the investment product at issue, including the potential for downside performance.” It goes on to state that the product “performed poorly” as a result of unexpected market conditions.

Kenneth Shapiro has been registered with UBS Financial Services in New York, New York since 2009. He was previously registered with Merrill Lynch in New York, New York from 2002 until 2009. He has passed three securities industry qualifying examinations and is registered with nine self-regulatory organization (SRO) registrations, including: BOX Exchange LLC, Cboe Exchange Inc., FINRA, NYSE American LLC, and the New York Stock Exchange. His BrokerCheck report lists 13 state securities licenses: Arizona, California, Connecticut, Delaware, the District of Columbia, Florida, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, South Carolina, and Utah. (Information current as of July 12, 2020.)

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