Simon Clarke: Options Overlay Complaint Against UBS Advisor

Recent investor complaints against Boston financial advisor Simon Clarke (CRD# 4232824) allege more than $1 million in cumulative damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with UBS Financial Services, where he is also based out of the firm’s office in Wellesley, Massachusetts.

Mr. Clarke’s BrokerCheck report discloses two investor complaints. The most recent, filed in August 2022, alleges that as a representative of UBS Financial Services, he made misrepresentations of material facts and unsuitably recommended the client “invest in and hold an options overlay strategy.” The pending complaint alleges damages of $518,000.

An earlier investor complaint, filed in December 2019, similarly alleges suitability violations and misrepresentation regarding an options overlay strategy. The pending complaint alleges damages of $600,000.

In a comment in with the December 2019 complaint’s disclosure, Mr. Clarke defended himself against the allegations, stating that he disagreed with the claim. “Prior to investing in this managed options strategy, the strategy managers and I both spoke to the client about the strategy’s risks as well as its potential rewards,” he wrote, asserting that the customer confirmed their understanding of the strategy’s risk and aggressiveness in writing. “Client met the minimum net worth requirement to invest in this strategy -as with all clients, I educated him about this investment opportunity and he made an informed decision to participate,” he concluded.

According to the Financial Industry Regulatory Authority, Simon Clarke holds 22 years of securities industry experience. Based in Boston and Wellesley, Massachusetts, he has been a broker and an investment advisor with UBS Financial Services since 2015. His past registrations include Credit Suisse Securities and Donaldson Lufkin & Jenrette Securities Corporation. Having passed three securities industry qualifying exams, he currently holds 24 state licenses. (Information current as of December 5, 2022.)

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