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Did You Suffer Losses with Former UBS Financial Services Inc. Financial Advisor David Fagenson?

Posted on Tuesday, August 1st, 2017 at 7:45 pm    

Erez Law is currently investigating former UBS Financial Services Inc. financial advisor David Fagenson (CRD# 1652012) regarding unsuitable and unauthorized trades. Fagenson has been registered with Newbridge Securities Corporation in Boca Raton, Florida since December 2016. Previously, he was registered with UBS Financial Services Inc. in Palm Beach, Florida from 2010 to 2016, when he was terminated regarding, “The Financial Advisor was discharged after a review found that while on heightened supervision, he violated firm policy by exercising time and price discretion, texting with clients and engaging in short term trading of preferred shares.”

In April 2011, the Florida Office of Financial Regulation revoked Fagenson following allegations that he omitted part of a law enforcement record that was required to be disclosed.

Fagenson has been the subject of nine customer complaints between 1994 and 2016, according to his CRD report:

September 2016. “Time frame: 2013 to 2016 client alleges that unauthorized trades were made in his account and that he gave instructions to place stop-loss orders on several investments that were not entered.” The case is currently pending.

December 2012. “The customer alleges unsuitable investment recommendations,unauthorized trading and misrepresentation and omission of material facts from 2007 to 2010.” The case was settled for $35,000.

October 2011. “The customer alleges misrepresentation, unauthorized trading, excessive trading and unsuitable investment recommendations from July 2004 to September 2010.” The customer sought $3,300,000 in damages and the case was settled for $112,500.

June 2011. “Claimant alleges misrepresentations of fees and risk of investments, excessive trading and unsuitable investment recommendations from September 2010 to May 2011.” The customer sought $3,300,000 in damages and the case was settled for $20,000.

August 2002. “Financial advisor misrepresented amount of an annual fee to charge to choice accounts in 2002.” The customer sought $10,200 in damages and the case was settled for $11,847.09.

August 2001. “Failure to follow instructions.” The case was settled for $14,500.

August 2001. “Failure to follow instructions.” The case was settled for $14,500.

October 2000. “Claimant alleges negligence and breach of fiduciary duty in failing to notice and notify plaintiff that plaintiff;s husband was forging her name on her securities account checks and improperly withdrawing her funds.” The case was settled for $30,000.

October 1994. “Complaint alleged product failure of Painewebber short term gov’t fund.” The case was settled for $13,838.98.

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 Fagenson’s customers.

Erez Law represents investors in the United States for claims against former UBS Financial Services Inc. financial advisor David Fagenson, who is alleged to recommend unsuitable and unauthorized trades. 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.