Michael Vassalotti: $974K Complaint Against UBS Advisor

West Palm Beach financial advisor Michael Vassalotti (CRD# 1461475) recently received an investor complaint alleging that his advice resulted in damages exceeding $900,000. Records provided by the Financial Industry Regulatory Authority indicate that he is a broker and an investment advisor at UBS Financial Services, whose website describes him as a member of the firm’s Damante Partners Wealth Management group.

Mr. Vassalotti’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in February 2023, alleges that as a representative of UBS Financial Services, he “recommended an unsuitable investment strategy in which material misrepresentations were made.” The pending complaint, which concerns insurance products, alleges damages of $974,094.12.

In a statement included with the pending complaint’s disclosure, Mr. Vassalotti pushes back against the claim’s allegations. “All the information provided to the clients regarding the contract was based on my understanding from the communications with the insurance company,” he wrote, continuing: “The decision to keep the contract was multi-factorial based on numerous conversations with the client.”

A second complaint, filed in 2009, alleged that as a representative of Morgan Stanley & Company, he recommended unsuitable mutual fund investments. The complaint alleged damages of $108,416.57 and was denied by the firm.

A third complaint, filed in 2007, alleged that as a Morgan Stanley representative, he made unauthorized mutual fund sales. The complaint alleged damages of $21,000 and was denied by the firm. A fourth complaint, filed in 2005, alleged unsuitable investment recommendations while he was at Morgan Stanley. The complaint alleged damages of $5,000 and was also denied by the firm.

According to the Financial Industry Regulatory Authority, Michael Vassalotti holds 37 years of securities industry experience. Based in West Palm Beach, Florida, he has been a broker and an investment advisor with UBS Financial Services since 2012. The firm’s website shows that he is a member of its Damante Partners Wealth Management group. His past registrations include Morgan Stanley Smith Barney (West Palm Beach, Florida; 2009-2012), Morgan Stanley & Company ((West Palm Beach, Florida; 2007-2009), Morgan Stanley DW (West Palm Beach, Florida; 1995-2007), Equico Securities (New York, New York; 1995), and Pruco Securities (Newark, New Jersey; 1986-1995). His credentials include the passage of ten securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Sales Supervisor – General Module Examination, or Series 10; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; 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 23 state licenses. (Information current as of March 10, 2023.)

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