Former UBS Financial Services Inc. Financial Advisor Michael Keane Has $4.7 Million Pending Customer Complaint

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Erez Law is currently investigating former UBS Financial Services Inc. financial advisor Michael Keane (CRD# 265697) regarding unsuitable recommendations in energy stocks. Keane has been registered with UBS Financial Services Inc. in Melville, New York from 2007 to 2016. He is currently not registered with any brokerage firm.

Keane has been the subject of eight customer complaints between 2009 and 2016, three of which were denied, according to his CRD report:

  • November 2016. “Time frame: May 2008 – November 2015 Claimants allege that Respondent recommended an unsuitable investment strategy in Energy Stocks, MLP’s and Business Development Companies, and further misrepresented the risks associated with this investment strategy.” The customer is seeking $4,724,136 in damages and the case is currently pending.
  • July 2016. “Time Frame: 2013-2016 Claimants allege that their financial advisor recommended unsuitable, high-risk investments and misrepresented the risk associated with these investments.” The client sought $100,000 in damages and the case was settled for $37,500.
  • March 2015. “Time frame: April 2014 – present Claimant alleges FA recommended unsuitable energy stocks.” The customer sought $44,697.89 in damages and the case was settled for $25,000.
  • February 2013. “Time frame: October 2008 – present Claimant (SP) alleges FA made unsuitable investment recommendations (SP) in risky stocks and over-concentrated the portfolio.” The customer sought $194,400 in damages and the case was settled for $55,000.
  • April 2009. “Time frame: 2007-2008. Claimant allege unsuitable equities investment and failure to implement a stop loss strategy resulted in losses.” The customer sought $1.6 million in damages and the case was settled for $235,000.

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 Keane’s customers.

Erez Law represents investors in the United States for claims against former UBS Financial Services Inc. Michael Keane, regarding unsuitable recommendations in energy stocks. If you were a client of UBS Financial Services Inc. or another firm, and 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.

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Author: Jeffrey Erez

The founder of Erez Law, Jeffrey Erez, focuses exclusively on securities arbitration and litigation. Mr. Erez passionately believes in representing aggrieved investors and obtaining justice for his clients through litigation.