Were you the victim of UBS Financial Services Inc. broker Terry Griffith (CRD# 4937497)? He has been registered with Independent Financial Group, LLC in Watertown, Massachusetts, since 2024. He was registered with UBS Financial Services Inc. in Peabody, Massachusetts, from 2014 to 2024.
In January 2025, the Massachusetts Securities Division sanctioned him to a conditional registration consent order regarding the following allegations: “Due to recent disclosure incidents regarding exercising discretion in client accounts without obtaining prior permission, the Division placed conditions on Griffith’s registration as a BD Agent and as an IAR of IFG in Massachusetts.” Independent Financial Group, LLC must supervise him on a heightened basis for three years, reviewing his emails, accounts, documents, and trade corrections, and select clients to ensure they gave approval for transactions and knew about the fees.
Terry Griffith Customer Complaints
He has been the subject of three customer complaints between 2016 and 2024, one of which was denied, according to his CRD report:
August 2024. “Time Frame: January 5th, 2016, to August 15th, 2024, what were the allegations against the individual – The client alleges unauthorized trading by his financial advisor. The client further alleges his financial advisor misrepresented his advisory fees on his managed account.” The case was settled for $500,000. The complaint took place while he was registered with UBS Financial Services Inc., and it was regarding mutual investments, including notes and bonds.
December 2023. “Time Frame: December 27th 2023 What were the allegations against the individual? Client alleged that the recommendation to invest in an option overlay strategy was misrepresented stating it had moderate risk at the most. Client also expressed the fees/commissions being charged were excessive.” The case was settled for $374,774.27. The complaint took place while he was registered with UBS Financial Services Inc., and it was regarding options losses.
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 Terry Griffith’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
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