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Options Overlay Complaints Against UBS Rep Adam Epstein

New York City-based broker and adviser Adam Epstein (CRD# 4043653) has received two pending customer complaints detailing allegations of misconduct connected to an options overlay strategy. The complaints against the UBS Financial Services representative seek at least $1.5 million in damages, per Financial Industry Regulatory Authority (FINRA) records.

A March 2020 complaint alleges that Adam Epstein, as a representative of UBS Financial Services, provided misrepresentations of material facts and unsuitable recommendations to invest in an options overlay strategy offered by the firm, beginning in 2016. The complaint seeks damages of $1.5 million.

An October 2019 complaint alleges that beginning in mid-2017, Adam Epstein, while registered with UBS, unsuitably recommended the strategy, and misrepresented material facts regarding the investment. This complaint alleges unspecified damages. Epstein’s “Broker Comment” on the disclosure states in part:  “The strategy was discussed several times over a period of months and the client was made fully aware of the strategy’s potential for volatility and the types of market environments that could lead to greater downside volatility. After his review, the client made the decision he understood and liked the strategy and chose to participate at a level that represented a very small portion of his net worth.” Epstein goes on to note in this comment that the customer was “kept fully abreast of developments as more challenging market environments manifested,” and says that the customer was offered “suggestions for exiting the strategy” if the customer wished. Epstein finally notes that the customer did not name him as a party in this complaint’s arbitration.

Adam Epstein has been registered with UBS Financial Services in New York and Westhampton Beach, New York since 2015, according to his FINRA-maintained BrokerCheck report. His registration history includes Credit Suisse Securities in New York City, Alliance Bernstein LP in New York City, Sanford C. Bernstein & Company in New York City, Merrill Lynch Investment Managers in Plainsboro, New Jersey, and FAM Distributors in New York City. He has passed four securities industry examinations and his BrokerCheck report lists 23 state securities licenses. (Information current as of July 12, 2020.)

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