There are options for clients of UBS Financial Services Inc. broker Mark Elias (CRD# 2938707) who suffered losses due to unsuitable investment recommendations. He has been registered with UBS Financial Services Inc. in Houston, Texas, since 2003.
Mark Elias Customer Complaints
He has been the subject of four customer complaints between 2019 and 2023, according to his CRD report:
September 2023. “Time frame: 2016-2020 Allegations: Claimant alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.” The customer is seeking $700,000 in damages in this pending complaint. The complaint was regarding in-house wrap fees.
March 2023. “Time frame: 2018 – present Allegations: Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.” The customer is seeking $600,000 in damages and the case is currently pending. The complaint was regarding in-house wrap fees.
September 2022. “Time frame: 2016-2019 Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.” The customer is seeking $1,000,000 in damages and the case is currently pending. The complaint was regarding in-house wrap fees.
August 2019. “Elias was a subject of the customer’s complaint against his member firm that asserted the following causes of action: fraud; misrepresentation; unsuitability; breach of fiduciary duty; and breach of contract under the federal securities laws, FINRA regulations, and state securities and common law.” The customer is seeking $400,000 in damages, and the case is currently pending. The complaint was regarding options losses.
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 Mark Elias’ 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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