Beaumont UBS Advisor Mike Persia: New Investor Complaint

UBS Financial Services advisor Mike Persia (CRD# 712234) is the recipient of an investor complaint alleging $900,000 in damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Beaumont, Texas. 

Mr. Persia’s BrokerCheck report discloses one recent investor complaint. Filed in September 2022, it alleges that as a representative of UBS Financial Services, he made misrepresentations and unsuitable recommendations in connection with an options overlay strategy. The pending complaint alleges damages of $900,000.

In a statement included with the pending complaint’s disclosure, Mr. Persia pushed back against the allegations of misconduct. “I deny any allegation of improper conduct and I made no misrepresentation to the clients of the risks and opportunities associated with this strategy as disclosed to me by the investment managers of the strategy,” he wrote, adding that his recommendations were based on his understanding of the customer’s investment profile and the expected volatility of the strategy. “I believe that my clients were treated fairly, that the administration of the clients’ account was handled properly, and that I acted in my clients’ best interests at all times,” he stated further. “The l[o]sses experienced were unprecedented and beyond any possible outcome scenario presented by the investment managers.”

According to the Financial Industry Regulatory Authority, Mike Persia holds 42 years of securities industry experience. Based in Beaumont, Texas, he has been a broker and an investment advisor with UBS Financial Services since 2012. His past registrations include Merrill Lynch (Beaumont, Texas; 1994-2012), Painewebber (Weehawken, New Jersey; 1991-1994), and Rotan Mosle (1980-1991). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Futures Managed Funds Examination, or Series 31; 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 25 state licenses. (Information current as of November 2, 2022.)

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