There are options for customers of former UBS Financial Services Inc. broker William Hobby (CRD# 2240076). He was registered with UBS Financial Services Inc. in Atlanta, Georgia from 2012 to October 2018, when he was terminated regarding, “FA discharged after firm’s review found that he (i) exercised discretion in client account without written authorization, in violation of Order Entry Policy, (ii) failed to escalate same client’s complaint, in violation of Customer Complaint Policy, and (iii) worked against firm’s interests by assisting that client in efforts to procure settlement from firm.”
William Hobby Customer Complaints
He has been the subject of 25 customer complaints between 2000 and 2019, according to his CRD report. Recent complaints are regarding:
October 2019. “Time Frame: October 2, 2015 to May 25, 2018 What were the allegations against the individual? The client’s attorney alleges the Financial Advisor placed the client into a stock that was extremely risky, volatile and unsuitable. The client’s attorney further alleges there was an over accumulation and concentration of this position.” The customer sought $480,162.64 in damages and the case was settled for $229,000.
April 2019. “Time frame: 2014 – 2018 Allegations: Claimant’s counsel alleges that the broker misrepresented the nature of unsuitable investments, changed the client’s risk tolerance without authorization, and exercised discretion without written authority.” The customer sought $788,512 in damages and the case was settled for $130,000.
October 2018. “Time Frame: August 23, 2016 to October 11, 2018 What were the allegations against the individual? The client alleges that due to her age she should not have been labeled as an aggressive investor and suffered losses she could not afford. The alleged damages are estimated to be in excess of $5,000.00.” The case was settled for $24,000. This case is regarding equity OTC investments.
May 2018. “Client’s Counsel alleges that his client was placed in unsuitable securities based despite his client’s investment objectives and risk tolerance. Counsel further alleges that the client’s risk profile was changed to “aggressive” without client’s permission and that the client was told he was invested in a “conservative” portfolio.” The customer sought $235,000 in damages and the case was settled for $80,000. The case was regarding managed wrap account/in house money manager.
January 2018. “Time frame: September 2014 – February 2017 Claimants allege that their Financial Advisor recommended unsuitable, risky and over-concentrated investments, executed excessive transactions and exercised discretion without written authorization.” The customer sought $936,257 in damages and the case was settled for $350,000. This case was regarding equities.
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 William Hobby’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.