Tesla, Inc. Losses with UBS Financial Services Inc. Broker Andrew Burish
Posted on Monday, May 3rd, 2021 at 8:09 pm
Erez Law is currently investigating UBS Financial Services Inc. broker Andrew Burish (CRD# 1111163) regarding losses related to investments in Tesla, Inc. Burish has been registered with UBS Financial Services Inc. in Madison, Wisconsin since 1984. Burish oversees The Burish Group, a 35-person team that is one of the most profitable and largest teams in the Midwest at UBS Financial Services Inc.
According to public records, Burish promoted the idea of short-selling shares of Tesla, Inc., which caused nine claimants to lose more than $23 million. Through this strategy, Burish bet on the decline of the Tesla, Inc. stock.
The Tesla, Inc. stock was valued in the low $40s in 2017, up to the low $60s in 2018 and 2019, and has since increased to $709 per share, as of April 30, 2021.
Burish has been the subject of three customer complaints between 2010 and 2021, one of which was denied, according to his CRD report. The most recent complaint is regarding:
February 2021. “Time frame: September 2019- July 2020 The Claimants allege that the FA recommended an unsuitable and risky strategy of selling the stock of Tesla short and recommended that they continue to hold the positions in the face of mounting losses.” The customer is seeking $23,085,874 in damages and the case is currently pending. The customer is also seeking unspecified punitive damages and costs.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, UBS Financial Services Inc. may be liable for investment or other losses suffered by Burish’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.