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Time frame: 2017-2024 Allegations: Claimant alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested
$1,000,000.00
Broker Comment
There is no alleged misconduct on my part, and I am not named as a respondent in this complaint. The claim was filed against UBS as a product-related claim, meaning the investment product did not work as advertised by UBS. This dates back to my time at UBS, when we (Held Group) sold this options overlay strategy called YES (Yield Enhancement Strategy) to various clients. Even though I was no longer at UBS (my departure was in May 2018) when this was filed, UBS can include this on my FINRA BrokerCheck record because I was part of the original group selling the YES strategy.
4/10/2023
Customer Dispute
Settled
Allegations
Allegations as stated by Claimant: Time frame: Starting 2017 to Present
Allegations: Claimants' counsel alleges unsuitability of certain investments, and that such investments resulted in Claimants' inability to access their liquidity.
Damage Amount Requested
$34,795.00
Settlement Amount
$7,500.00
Broker Comment
Claimant is a sophisticated investor with experience in comparable real estate related investments and understood the long-term liquidity commitment. The specific investment product had an expected fund life of 10 years. Furthermore, the investment represented a small portion of net worth and was made within the client's Individual Retirement Account (IRA). As of the filing date, the client was over ten years away from potentially needing liquidity for required minimum distributions. The fund has performed in accordance with initial projections and has already returned over 70% of committed capital.
9/9/2019
Customer Dispute
Award / Judgment
Allegations
Kort was a subject of the customers' complaint against his member firm that asserted the following causes of action: negligence, negligent misrepresentation, breach of fiduciary duty, breach of contract, negligent supervision, and violation of the Ohio Securities Act.
Damage Amount Requested
$1,669,477.49
Broker Comment
There is no alleged misconduct on my part and I am not named as a respondent in this complaint. The claim was filed against UBS as a product-related claim, meaning the investment product did not work as advertised by UBS. This dates back to my time at UBS, when we (Held Group) sold this options overlay strategy called YES (Yield Enhancement Strategy) to various clients. Even though I was no longer at UBS (my departure was in May 2018) when this was filed, UBS can include this on my FINRA BrokerCheck record because I was part of the original group selling the YES strategy.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.
Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.