Investors have registered a UBS Yes Strategy Lawsuit. Haselkorn & Thibaut, P.A., a law firm of former Wall Street defense attorneys, devoted to handling investment loss recovery cases and representing investors nationally, continues to research UBS in connection with their sales practices related to Yield Enhancement Strategies (“YES”).
UBS appears to have employed YES plans For clients nationwide through Flatiron Partners, a private wealth management staff working within the UBS Private Wealth management division, comprising: Matthew Stern Buchsbaum (CRD# 2220565), Scott Michael Rosenberg (CRDNumber 2754292), Sonia Maria Attkiss (CRD# 2936806) and Gerard Joseph Costello (CRD# 1551511) (referred to as the”YES Team”). The YES Team joined UBS in November 2015 from Credit Suisse, where they conducted a similar investment plan.
UBS marketed the YES strategy To other UBS brokers and their clientele internally, signifying UBS private wealth customers utilizing the YES strategy could rely on the YES Team to utilize choices, to”provide an additional source of income into portfolios when markets are level, trending higher or trending lower.”
Some materials appear to remember that the UBS YES Strategy involved some potential risks that”might lead to losses,” through periods of high volatility… could potentially result in the realization of further losses,” and”other trading strategies might result in realizing additional losses. ” But, some customers that were sold on the YES Strategy describe some rather different statements and representations related to any purported material risk disclosures.
UBS Yield Enhancement Strategy Lawsuit
The fourth quarter 2018 was a roller coaster ride for many investors, particularly those who had exposure to the UBS YES plan in November and December 2018. UBS continued to recommend that the YES plan in this period of extreme volatility as a supposedly safe income producing strategy investment, when in fact it wasn’t, as investors were exposed to significant potential risks to principal.
Visit Haselkorn & Thibaut, P.A. blog post:”Did UBS Yield Enhancement Strategy Cause Unnecessary Losses On Your Investment Portfolio?” dated January 25, 2019. Hence the filing of a UBS Yes plan lawsuit.
UBS may Try to seek shelter behind their vague risk disclosures, but these disclosures don’t quantify the risk or specify the character and level of danger, which also raises questions in certain cases as to whether or not these dangers were questionable from a certain degree of service. What disclosures were told to the investor client, like in almost any instance, is where the”rubber meets the road.”
It is Haselkorn & Thibaut, P.A.’s understanding the YES Team and/or other members of the UBS marketing division traveled to UBS branches throughout the country aggressively marketing the merits of their YES strategy. In these visits, meetings, and marketing or promotional campaigns there was little to no familiarity with the potential for significant principal investment losses that many investors experienced in the fourth quarter 2018.
In Addition to promotional actions within UBS and its own private wealth customers, the YES Team also promoted the investment strategy with some of the wealthiest investors from the nation. At some point later joining UBS, Mr. Buchsbaum encouraged his investment strategy to”Tiger 21. ” Tiger 21 (The Investment Group for Enhanced Outcomes in the 21st Century) describes its members as a social network for purposes of speaking subjects that matter most to its membership that collectively manage more than $50 billion in personal assets. Its members include some of the very affluent investors in the USA, Canada and United Kingdom.
Many Investor clients using the YES strategy in late 2018 have expressed frustration insofar because they relied upon a reliable fiduciary in UBS to invest in what was supposed to be an income-producing investment plan and yet they are now left with chief losses which were entirely unexpected rather than clearly revealed as a possible outcome.
In Reality, a few UBS financial advisors are also clearly captured in the center and many feel betrayed by the company for permitting the advertising to take place because it did together and their clientele. For most UBS private wealth clients, the YES Team managed a portion of their portfolio and client investors seldom (if ever) had direct access to the YES Team or even Mr. Buuchsbaum, instead having to rely upon their regional UBS financial advisor, who was not as well-versed in the possible dangers of the investment plan during volatile times in the marketplace.
The Nature and substance of any communications will be a focal point of any claims by shareholders to recoup losses that are unforeseen. UBS client investors in certain instances are concerned about between their local UBS adviser in any contemplated action against the company, as they consider the responsibility should fall on UBS and the YES Team, as their regional financial adviser was much less comfortable with all the YES plan or how it may be impacted by different market conditions.
Lately, Mr. Buchsbaum, as chief of the UBS Team, has eleven (11) reportable disclosures on his FINRA BrokerCheck Report with seven (7) pending mediation claims that were registered in March and April 2019. Mr. Rosenberg has three (2) reportable events, Mr. Gostello has two (2), while Ms. Attkiss has none.
If You’re an investor that has information about any suspected sales Practices relating to Yield Enhancement Strategies (YES plan ) at UBS or any other company, or if you have suffered investment losses Haselkorn & Thibaut, P.A. handle cases nationwide.