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UBS Financial Services Inc. Financial Advisor John Morris Has Pending $1.3 Million Customer Complaint

Posted on Wednesday, May 2nd, 2018 at 6:15 pm    

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Erez Law is currently investigating UBS Financial Services Inc. financial advisor John Morris (CRD# 1903657) regarding losses tied to the high risk energy sector. Morris has been registered with UBS Financial Services Inc. in Warren, New Jersey since 2011.

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, including the values of Linn Energy and many others. 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.

Morris has been the subject of three customer complaints between 1993 and 2018, one of which was denied, according to his CRD report:

February 2018. “Time frame: 2011 – 2015 Claimants allege that their investments in Puerto Rican municipal bonds and the oil and gas sector were over concentrated, unsuitable and misrepresented.” The customer is seeking $1,300,000 in damages and the case is currently pending.

September 1993. “Unsuitability, requests return of original investments of $26,942.62 + interest.” The customer sought $36,942 in damages and the case was settled for $15,500.

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 Morris’ 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.