Erez Law is currently investigating UBS Financial Services Inc. broker Andrew Burish (CRD# 1111163) regarding losses related to investments in Tesla, Inc. He has been registered with UBS Financial Services Inc. in Madison, Wisconsin, since 1984. He oversees The Burish Group, a 35-person team that is one of the most profitable and largest teams in the Midwest at UBS Financial Services Inc.
According to public records, Andrew Burish promoted the idea of short selling shares of Tesla, Inc., which caused nine claimants to lose more than $23 million. Through this strategy, Burish bet on the decline of the Tesla, Inc. stock.
The Tesla, Inc. stock was valued in the low $40s in 2017, up to the low $60s in 2018 and 2019, and has since increased to $709 per share, as of April 30, 2021.
Andrew Burish Customer Complaints
He has been the subject of three customer complaints between 2010 and 2021, one of which was denied, according to his CRD report. The most recent complaint was regarding:
February 2021. “Time frame: September 2019- July 2020 The Claimants allege that the FA recommended an unsuitable and risky strategy of selling the stock of Tesla short and recommended that they continue to hold the positions in the face of mounting losses.” The causes of action were regarding, “breach of fiduciary duty, violation of FINRA suitability rules, failure to supervise/negligent supervision, and fraud.”
According to the award, he “solicited and recommended an aggressive, high-risk trading strategy designed to produce speculative, short-term profits (not long-term wealth preservation), facilitated this solicited, aggressive trading strategy by furnishing boilerplate paperwork to Claimants (who are not professional investors) and recommended holding highly risky positions at odds with the asset protection and multi-generational wealth transfer advertised as its marketing offering. Specifically, Claimants alleged that Respondents recommended an unsuitable and risky strategy of selling shares of Tesla, Inc. common stock short and recommended that they continue to hold the positions in the face of mounting losses.”
The customer sought $23,085,874 in damages. The customer is also seeking unspecified punitive damages and costs. The customers were awarded $69,678,565.70 in punitive damages and $24,621,691 in compensatory 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 Andrew Burish’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
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