Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
UBS Advisor John DeRosa: Investor Alleges Unsuitable Strategy
New York-based broker John DeRosa (CRD# 1405104) has received a customer complaint alleging he was connected to an options overlay strategy investment that was unsuitable for the customer and misrepresented by his firm, UBS Financial Services. The pending complaint alleges damages of $750,000.
According to Financial Industry Regulatory Authority (FINRA) records, the complaint was filed in October 2019. It concerns an investment in an options overlay strategy whose time frame is listed as “2016-present.” The complaint alleges that the complaint was unsuitable for the customer’s profile, which takes into consideration age, net worth, income, investment goals, investment experience, and risk tolerance. The complaint also alleges that the investment was misrepresented. It remains pending, and alleges damages of $750,000.
John DeRosa’s “Broker Statement” on the complaint’s disclosure states that the complaint “was filed by a sophisticated, high net-worth client with experience investing in complex financial products.” He writes that the customer was advised about the product’s risks and “made an informed decision to purchase the investment product.” He finally notes that the client’s complaint did not name him specifically.
John DeRosa has been registered with UBS Financial Services in New York, New York since 2010. His previous registrations include Credit Suisse Securities in New York, New York (2007-2010); Bear Stearns & Company in New York, New York (2002-2007); Lehman Brothers in New York, New York (1999-2002); first Union Securities in St. Louis, Missouri (1995-1999); Painewebber in Weehawken, New Jersey (1991-1995); Rotan Mosle (1990-1991); Smith Barney Harris Upham & Company in New York, New York (1988-1990); Oppenheimer & Company (1986-1988); and Moseley Securities Corporation (1985-1986). He has passed four securities industry qualifying examinations, including the General Securities Representative Examination and the Uniform Securities Agent State Law Examination. His BrokerCheck report lists 32 state securities licenses. (Information current as of July 16, 2020.)