Pending Complaint Against UBS Rep Lance Cholet: Options Strategy

According to digital records maintained by the Financial Industry Regulatory Authority (FINRA), New York-based broker and investment adviser Lance Cholet (CRD# 3239588) has received a pending customer complaint. Cholet is a representative of UBS Financial Services, where he has been registered since 2006. The complaint concerns an options product offered by the firm. 

The pending complaint listed in Lance Cholet’s FINRA records concern an options overlay strategy investment. Filed in September 2019, it specifically alleges “unsuitability and misrepresentation” connected to the strategy between 2017 and the present, while Cholet was employed by UBS Financial Services. The complaint seeks damages of $750,000. 

For reference, FINRA rules require that representatives abide by a standard known as suitability. Under this standard, they are required to recommend to their customers only investment products that are considered suitable to the customers’ investment profiles, which weighs such factors as net worth, income, investment goals, and risk tolerance. Brokers may not misrepresent material facts related to investments, which means facts that pose a significant consideration to the investor’s decision-making: common examples include information about an investment’s potential downsides, misrepresentations about which might lead an investor to invest in unsuitable products. 

Lance Cholet has been registered with UBS Financial Services in New York, New York since 2006. His previous registrations include Chase Investment Services Corporation in New York City, where he was registered from 2005 until 2006; Chase Investment Services Corporation in Chicago, Illinois, where he was registered from 2001 until 2006; Metropolitan Life Insurance Company in New York, New York, where he was registered from 1999 until 2001; and MetLife Securities in Springfield, Massachusetts, where he was registered from 1999 until 2001. He has passed six securities industry qualifying examinations and his BrokerCheck report lists 21 state securities licenses. (Information current as of May 11, 2022.)

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