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UBS Adviser Thomas Livaccari: Pending Options Overlay Complaint

New York-based broker and investment adviser Thomas Livaccari’s FINRA records describe a pending customer complaint detailing allegations about an options overlay strategy. Livaccari is a representative of UBS Financial Services, where he has been registered since 2009.

The complaint against Thomas Livaccari was filed in October 2019. It details allegations regarding recommendations to invest in and hold an options overlay between 2017 and the present. The complaint specifically alleges that the recommendations were not suitable for the customer, and that they were misrepresented by the firm, UBS Financial Services. The complaint, which remains pending before FINRA, alleges damages of $500,000.

Livaccari’s “Broker Statement” on the disclosure states that the complaint “was filed by a sophisticated, high net-worth client with significant investment experience,” who he says was provided detailed information about the product and concluded that it was aligned with his objectives and risk tolerance. Livaccari concludes by noting that the investment “subsequently performed poorly due to unanticipated market conditions.”

Livaccari’s records list one earlier denied complaint against him. Filed in 2008, it alleged that he recommended an unsuitable mutual fund investment while he was employed at Merrill Lynch. The complaint was denied, and the firm’s statement on the disclosure describes the complaint as “believed to be without merit.”

Thomas Livaccari has been registered with UBS Financial Services in New York, New York since 2009. His previous registrations include Merrill Lynch in New York, New York, where he was registered from 2009 until 2009; and Taglich Brothers D’Amadeo Wagner & Company in Cold Spring Harbor, New York, where he was registered from 1993 until 1995. He has passed five securities industry qualifying examinations, including the Futures Managed Funds Examination and the Uniform Combined State Law Examination. His BrokerCheck report lists 32 state securities licenses. (Information current as of July 16, 2020.)

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