Erez Law is currently investigating UBS Financial Services Inc. financial advisor John Carolyn (CRD# 4485799) regarding overconcentrated investments in the oil and gas sector. Carolyn has been registered with UBS Financial Services Inc. in Houston, Texas since 2002.
Many oil and gas companies have experienced price fluctuations over the past few years, which has put financial stress on the oil and gas industry. 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. While financial advisers can effectively coax clients into lucrative high risk, high yield investments in the oil and gas industry, some fail to fully inform their clients of the inherent risks.
Carolyn has been the subject of six customer complaints between 2015 and 2017, one of which was denied, according to his CRD report:
- February 2017. “Time Frame: 2014-2016. Claimants allege they were unsuitably concentrated in oil and gas investments.” The customer is seeking $70,000 in damages and the case is currently pending.
- August 2016. “Time frame: 2012-2016. Claimants allege they were unsuitably concentrated in oil and gas investments.” The customer sought $450,000 in damages and the case was settled for $97,800.
- July 2016. “Time frame: 2012-2016. Claimants allege they were unsuitably concentrated in oil and gas investments.” The customer sought $100,000 in damages and the case was settled for $45,000.
- July 2016. “Time frame:2008-2016. Claimants allege they were unsuitably concentrated in oil and gas investments.” The customer sought $85,000 in damages and the case was settled for $57,800.
- June 2016. “Time Frame: 2007-2016 Claimants allege UBS recommended overconcentration in energy securities.” The customer is seeking $750,000 in damages and the case is currently pending.
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 Carolyn’s customers.
Erez Law represents investors in the United States for claims against UBS Financial Services Inc. financial advisor John Carolyn, who is alleged to over concentrate investments in customer accounts. If you were a client of UBS Financial Services Inc. financial advisor John Carolyn 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.
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