Former UBS Financial Services Inc. Advisor Todd Ellentuck Receives $750,000 FINRA Customer Complaint
Posted on Thursday, August 3rd, 2017 at 2:38 pm
Erez Law is currently investigating former UBS Financial Services Inc. financial advisor Todd Ellentuck (CRD# 1321452) regarding excessive fees and commissions, unauthorized trades in Puerto Rico bonds, overconcentrated investments in MLPs, unsuitable structured products, and losses tied to the high risk oil and gas sector. Ellentuck has been registered with Aegis Capital Corp. in Morristown, New Jersey since December 2016. Previously, he was registered with UBS Financial Services Inc.in Florham Park, New Jersey from 2012 to 2016 when he was terminated regarding, “FA was discharged after allegations were raised that FA (i) violated firm order entry policy by failing to enter trades immediately upon receipt; (ii) accepted certain orders from non-customers absent prior trading authorization; and (iii) in certain cases, received both fees and commissions/sales credits in connection with transactions in the same securities.”
In July 2017, a former client of Ellentuck filed a $750,000 FINRA arbitration against him regarding losses sustained from double billing, which included commission and management fees charged on a bond sale. Additionally, the former client alleges that Ellentuck made improper and unauthorized trades in Puerto Rico bonds, overconcentrated investments in master limited partnerships (MLPs), sold unsuitable structured products including Deutsche Bank AG collared note, and suffered losses from other investments tied to the high risk oil and gas sector. This filing has not made it to Ellentuck’s CRD report. The alleged legal claims brought against Ellentuck include breach of their fiduciary duty, violation of industry rules and negligent supervision.
Ellentuck has been the subject of two customer complaints in 2016 and 2007, both of which were denied, according to his CRD report.
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 Ellentuck’s customers.
Erez Law represents investors in the United States for claims against UBS Financial Services Inc. financial advisor Todd Ellentuck regarding excessive fees and commissions, unauthorized trades in Puerto Rico bonds, overconcentrated investments in MLPs, unsuitable structured products, and losses tied to the high risk oil and gas sector. 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.