Erez Law is currently investigating UBS Financial Services Inc. financial advisor Samuel Rankin (CRD# 811491) regarding aggressive investment recommendations. Rankin has been registered with UBS Financial Services Inc. in Charlotte, North Carolina since 2009.
Rankin has been the subject of eight customer complaints between 2000 and 2017, three of which were denied, according to his CRD report:
- September 2017. “Time frame: 2015 – 2016 Claimants allege that the Financial Advisor misallocated their accounts in overly aggressive investments.” The customer is seeking $849,221 in damages and the case is currently pending.
- July 2017. “Time Frame :- 2009 – 2017 Client alleges their retirement funds were invested in an aggressive risk allocation, rather than in the “moderate” risk tolerance they instructed and was agreed to in writing at the outset of their relationship with the FA. Client further claims that once the misallocation was discovered the FA proceeded to concoct a cover-up in hopes that the clients might be deceived.” The case is currently pending.
- July 2010. “Claimant alleges, inter alia, that in September of 2008 the financial advisor failed to follow the claimant’s instructions to liquidate her account.” The customer sought $60,000 in damages and the case was settled for $24,999.
- July 2003. “Unsuitability, overconcentration, misrepresentation, breach of fiduciary duty and breach of contract from January 1, 1997 through August 31, 2000.” The customer sought $435,100 and the case was settled for $42,000.
- February 2003. “Breach of fiduciary duty, negligence, negligent misrepresentation, breach of contract, aggravated breach of contract, unfair and deceptive trade practices, state Rico and equitable estoppel putative class action from 01/01/1997 to 02/2003.” The case was settled for $17,600,000.
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 Rankin’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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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