UBS Crippled Investments and Abused Trust – Single Mom Claims
Ft. Lauderdale, Fl., – The law firm of Securities Fraud Attorney Mark A. Tepper has filed claim against UBS Financial Services (NYSE:UBS) on behalf of a single mother of three who was also the sole financial caregiver for both parents with Alzheimer’s and a child with multiple sclerosis.
The claim contends that a UBS Broker, recommended through her church, abused the trust and crippled the investments of the 48-year old divorcee with no alimony, irregular child support, a high school (GED) education and limited job skills, who was dependent on her irreplaceable capital to provide income for the special needs of her family.
“UBS misled and enticed her to pay a large fee and abused her trust, exposing her irreplaceable capital to more risk than was suitable, causing her to lose a substantial portion of it,” the claim alleges.
“When she told her broker that she did not understand or know how to read her statements, he told her that she didn’t even need to open her statements because he had her best interests in mind,” the claim contends.
“This is an example of abusive practices by UBS to maximize compensation at the expense of its customer’s financial situation and need to preserve her irreplaceable capital,” the claim alleges.
The claim, filed with the Financial Industry Regulatory Authority (FINRA), is the second filed in two months against UBS. Last month, Tepper filed claim against the financial services firm on behalf a widow, alleging that the same UBS broker was reckless with settlement funds received from her husband’s death.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
A former New York Assistant Attorney General and Chief Trial Counsel at the Bureau of Investor Protection and Securities, Attorney Mark Tepper has earned the reputation of “Investor Advocate” while practicing law for over 30 years and representing the small investor. FINRA arbitrators recently upheld claims filed by Tepper against a number of large financial services companies, recovering investor losses from Merrill Lynch (MER) for high risk investment in Fannie Mae Preferred Stock, as well as against AmTrust Investment Services. A member of the Florida, New York and California Bars, Mr. Tepper is AV(R)-rated, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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