Case Results

CASE NO. 20-04077

Jacques Andre Soileau et al. v UBS Financial Services, Inc.

Erez Law represented Jacques Andre and Beth Soileau against UBS and recovered $976,155. The case stems from the sale by UBS to the Soileaus of its proprietary YES investment strategy. UBS promoted and marketed YES as a low-risk options overlay strategy that would generate additional income. In fact, YES was a high-risk, directional and aggressive iron condor strategy that failed. The award is significant because the arbitrators awarded the Soileaus their losses as well as prejudgment interest in the amount of $687,644. The panel also awarded all costs in the amount of $58,644 and attorney’s fees of $229,134. The case was hearing New Orleans, LA and lasted 8 days.

CASE NO. 15-01774

Ana Elisa Ciordia-Robles as Beneficiary of the AECR Living and Grantor Trust v. UBS Financial Services Inc.

Erez Law represented a beneficiary of a trust that sustained significant losses in UBS proprietary closed-end funds that invested predominantly in Puerto Rico bonds as well as losses as in Puerto Rico bonds. Carlos Rodriguez was the broker that for the trust at UBS. The Claimant alleged that Mr. Rodriguez and UBS recommended an over concentrated and unsuitable position in the UBS Puerto Rico funds and Puerto Rico bonds. The FINRA panel awarded the Claimant $957,796.59. The FINRA Panel awarded attorney’s fees under the Puerto Rico Uniform Securities Act as well as costs.

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SETTLEMENT

$900,000 recovery for a group of investors

$900,000 recovery for a group of investors alleging they were defrauded by the same broker in a purported guaranteed-investment scheme.

SETTLEMENT

$900,000 recovery in an NASD arbitration

$900,000 recovery in an NASD arbitration for an international businessman, alleging negligent advice in a financial plan and the misuse of currency trading on margin as a hedge against the account.

CASE NO. 16-01829

Eric Kaplan and Bonnie Kaplan v. Oppenheimer & Co., Inc.

Erez Law represented a Florida couple in their 60s that sustained significant losses in oil stocks in their Oppenheimer brokerage account and with Evan Fischer their financial advisor. The Claimants alleged that the oil stocks were high risk, unsuitable and that they were presented to them as conservative investments that would preserve their principal and provide income. When the price of oil declined in 2014-2016, the oil companies largely filed for bankruptcy or were restructured. Claimants lost nearly their entire investments in the oil stocks that made up a large percentage of their portfolio. Jeffrey Erez, Esq. of Erez Law tried the case in Boca Raton, Florida over 9 days. Oppenheimer vehemently denied liability. The FINRA panel awarded the Erez Law clients $800,000 as well as $61,517 for costs incurred in the case. The Award is significant in that the Claimants were able to recover significantly more than their net out-of-pocket losses in the oil stocks and a high percentage of their capital losses in these investments.

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SETTLEMENT

$850,000 recovery for a group of investors

$850,000 recovery for a group of investors in a principal guaranteed mutual fund investing program; significantly, the firm made the recovery against a brokerage firm that served as the introducing firm for a failed broker dealer.

CASE NO. 05-02371

$850,000 verdict against Morgan Stanley for a retired, elderly World War II hero in a mutual fund fraud case

$850,000 verdict against Morgan Stanley for a retired, elderly World War II hero in a mutual fund fraud case, including $600,000 in well-managed portfolio damages and $250,000 in punitive damages, where the net out of pocket losses were $370,000.

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SETTLEMENT

$850,000 recovery following an NASD arbitration trial

$850,000 recovery following an NASD arbitration trial for two physicians who were give negligent advice on how to hedge or protect a large concentrated stock position.

CASE NO. 11-03927

Russell Rupp and Linda Rupp v. RBC Capital Markets, LLC

Erez Law recovered $831,000 including $250,000 in punitive damages, prejudgment interest and costs for investors who sustained losses in Lehman Brothers preferred stock, PowerShares Financial Preferred and Alpine Dynamic Dividend Fund/Alpine Total Dynamic Dividend Fund. The Award is notable for awarding full losses on Lehman Brothers preferred stock and PowerShared Financial Preferred as well as prejudgment interest. The arbitrators’ award of punitive damages is also rare and was awarded based on findings that the broker falsified the investors’ questionnaire and misrepresented that Lehman Brothers was backed by the US Government.

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CASE NO. 15-03264

FINRA panel awards nearly 100% of investor’s capital losses and fees

Jose Pastrana v. UBS Financial Services, Inc. and UBS Financial Services of Puerto Rico, Inc. Erez Law represented an investor that sustained significant losses primarily in proprietary UBS closed-end funds invested in Puerto Rico bonds. The financial advisor was Alexandra Amador who had herself sued UBS for misleading her in regards to the same funds. The Claimant alleged that UBS recommended an unsuitable and over-concentrated investment in high risk Puerto Rico funds. The FINRA panel awarded compensatory damages in the amount of $435,623, costs of $26,936, attorney’s fees of $102,000 and rescission of the current illiquid fund holdings. The Award is significant in that it represents nearly 100% of the investors’ capital losses, plus costs, attorney’s fees and rescission.

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