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Mark Zeller: $1.6 Million in Pending Complaints Against UBS Broker

Mark Zeller (CRD# 2263684), a New York City-based broker and investment adviser, has received pending customer complaints detailing allegations over an options investment strategy offered by his member firm, UBS Financial Services. Financial Industry Regulatory Authority (FINRA) records indicate that the complaints allege damages exceeding $1,500,000.

One of the two pending complaints listed on Mark Zeller’s FINRA-maintained BrokerCheck report was filed in April 2020. It concerns conduct that took place between late 2016 and the present, while Mark Zeller was registered with UBS Financial Services. It alleges specifically that an options overlay strategy offered by UBS did not conform with the investor’s suitability profile, and that it was misrepresented by the firm. The complaint alleges damages of $1.2 million.

The second complaint listed on Zeller’s BrokerCheck report was filed in February 2019 and concerns conduct that took place between December 2016 and the present, while he was employed by UBS. Like the first, it alleges unsuitability and misrepresentation concerns connected to the options strategy. This complaint alleges damages of $400,000. A “Broker statement” on this disclosure states that “the risk and volatility of the strategy was discussed and presented to the client,” and that Zeller believes the client understood the strategy’s volatility might lead to “drawdowns or negative returns.”

FINRA records list an earlier complaint against Zeller. Filed in 2010, the complaint alleges “sales practice violations in connection with the purchase of Lehman structured notes” between 2006 and 2008, while he was registered with UBS Financial Services. The complaint reached a settlement of $25,000.

 

Mark Zeller has been registered with UBS Financial Services in New York, New York since 2005. His previous registrations include Citigroup Global Markets in New York City, where he was registered from 1996 until 2005, and Smith Barney, where he was registered from 1993 until 1995. He has passed five securities industry qualifying examinations and his BrokerCheck report lists 39 state securities licenses, including. (Information current as of July 13, 2020.)

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