Erez Law is currently investigating UBS Financial Services Inc. broker William Cerf (CRD# 2269462) regarding unsuitable investment recommendations related to UBS Yield Enhancement Strategy (YES) losses. William Cerf has been registered with UBS Financial Services Inc. in New York, New York, since 2015. 

Erez Law has been successful in recovering investment losses related to investments in UBS’s YES program. The securities fraud attorneys at Erez Law have tried and won four FINRA cases against UBS Financial Services Inc. for YES losses, including: 

• $3.8 million related to the unsuitable nature of the YES investment for the client’s risk tolerances and investment objectives. 
• $1.34 million related to the recommended speculative managed account options strategy, which was unsuitable for the Claimants.
• $975,606 related to brokers who misled clients who didn’t understand the risky UBS YES program
• $1.1 million related to negligence and negligent supervision with regards to managed-account options strategy with UBS’ YES

William Cerf Faces Suitability Charges

William Cerf has been the subject of six customer complaints between 2019 and 2022, one of which was withdrawn, according to his CRD report:

December 2022. “Time frame: Early 2016 – March 2020 Allegations: Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.”

June 2020. “Cerf was a subject of the customer’s complaint against Cerf’s member firm that asserted the following causes of action: fraud; misrepresentation; unsuitable product; breach of fiduciary duty; negligence; failure to supervise; and breach of contract under the federal securities laws, FINRA regulations, applicable New Mexico state securities laws and applicable common law.” The customer sought $1,109,484.73 in damages, and the customer was awarded $1,109,484.73 in compensatory damages, $26,147.50 in expert witness fees, and $311,030.67 in attorney’s fees. 

February 2020. “Time frame: 2017-2019 Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.” The customer is seeking $2,200,000 in damages, and customer was awarded $2,205,166.40 in compensatory damages, plus $160,378.88 in pre-judgement interest, and $26,512.50 in expert witness fees. The complaint was regarding in-house wrap fees. The complaint was regarding in-house wrap fees.

September 2019. “Time frame: Mid 2016- present Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.” The customer is seeking $7,000,000 in damages and the case is currently pending. The complaint was regarding in-house wrap fees.

August 2019. “Time frame: 2016 – present Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.” The customer is seeking $600,000 in damages and the case is currently pending. The complaint was regarding in-house wrap fees.

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 Cerf’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.