Can you recover losses due to recommendations by UBS Financial Services Inc. broker Michael Blueweiss (CRD# 728969)? He has been registered with Arete Wealth Management, LLC in Melville, New York, since 2022. He was registered with National Asset Management, Inc. in Melville, New York, from 2017 to 2022, and UBS Financial Services Inc. in Melville, New York, from 1996 to 2017, when he was terminated regarding, “Financial Advisor was discharged after firm investigation concluded he violated firm order entry policy and also violated firm policy by signing a client’s name to a non-firm-related document.”
Michael Blueweiss Customer Complaints
He has been the subject of eight customer complaints between 1997 and 2023, five of which were denied, according to his CRD report. The most recent complaints were regarding:
July 2023. “Client alleges unsuitable investment recommendations in 2021 – 2022.” The customer is seeking $100,000 in damages, and the case is currently pending. The complaint was regarding structured products, and it took place while he was registered with UBS Financial Services Inc.
November 2018. “Claimants allege misrepresentation, unsuitability and unauthorized trading in connection with the purchase of structured notes. Claimants further allege theft of funds.” The customer sought $600,000 in damages, and the case was settled for $150,000. The complaint was regarding structured products, and it took place while he was registered with UBS Financial Services Inc.
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 Michael Blueweiss’ 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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