Raymond Byers: $600K Complaint Against UBS Advisor

Mishawaka, Indiana financial advisor Raymond Byers (CRD# 2590926) recently received an investor complaint alleging his conduct resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with UBS Financial Services, having previously been registered with Merrill Lynch.

Mr. Byers’ BrokerCheck report discloses two investor complaints. The most recent, filed in July 2023, alleges that as a representative of UBS Financial Services, he recommended unsuitable options investments, breached his fiduciary duty, and provided false assurances that losses were temporary. The pending complaint alleges damages of $600,000.

An earlier investor complaint, filed in 2012, alleged that as a representative of UBS Financial Services, he misrepresented an investment in variable annuities and did not convey certain fees associated with the investment. The complaint alleged unspecified damages and was denied by the firm.

According to the Financial Industry Regulatory Authority, Raymond Byers holds 28 years of securities industry experience. Based in Mishawaka, Indiana, he has been a broker and an investment advisor with UBS Financial Services since 2009. He was previously registered with Merrill Lynch in Elkhart, Indiana from 1995 until 2009. His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Representative Examination, or Series 7; 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 31 state licenses. (Information current as of August 27, 2023.)

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