How Investors Can Sue Former UBS Financial Services Inc. Financial Advisor Walter Stucker For Investment Losses
Posted on Monday, August 13th, 2018 at 4:30 pm
Have you suffered losses due to investments with former UBS Financial Services Inc. financial advisor Walter Stucker (CRD# 2197844) in the high risk energy sector? Stucker has been registered with Wells Fargo Clearing Services, LLC in Fort Worth, Texas since May 2017. Previously, Stucker was registered with UBS Financial Services Inc. in Ft. Worth, Texas from 2008 to 2017.
Over the past few years, oil prices have significantly declined. A supply glut in 2014 and 2015 led to some of the lowest prices the market has seen in recent years. In turn, securities values also dropped. The volatile energy sector experienced significant turmoil, and many energy companies were negatively impacted when global crude oil prices fell below $40 per barrel at the end of 2015. This was the lowest level since early 2009, as supply was in excess of global demand. Oil and gas companies experienced a spike in bankruptcies, which have left many investors reeling.
Stucker has been the subject of three customer complaints between 1997 and 2018, one of which was denied, according to his CRD report:
April 2018. “Time Frame: 2011 – 2017 Claimants allege that FA unsuitably concentrated their portfolio in the energy sector and misrepresented the risks associated with those investments.” The customer is seeking $600,000 in damages and the case is currently pending.
July 1997. “Claimant alleges Mr. Stucker engaged in unauthorized trading and made unsuitable recommendations with respect to his account.” The customer sought $21,549.85 in damages and the customer was awarded $33,205.29 in damages.
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 Stucker’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.