Haselkorn & Thibaut, P.A., www.InvestmentFraudLawyers.com, devoted tackling investment loss cases and representing investors nationally, continues to research UBS in connection with their sales practices associated with Yield Enhancement Strategies (“YES”). They are currently pursuing several UBS Yes Strategy lawsuits.
UBS seems to have used YES plans for customers nationally through Flatiron Partners, a private wealth management staff working within the UBS Private Wealth management department, comprising: Matthew Stern Buchsbaum (CRDNumber 2220565), Scott Michael Rosenberg (CRDNumber 2754292), Sonia Maria Attkiss (CRDNumber 2936806) and Gerard Joseph Costello (CRDNumber 1551511) (known as the”YES Team”). The YES Team joined UBS in November 2015 from Credit Suisse, in which they conducted a similar investment plan.
UBS promoted the YES approach to other UBS agents and their clientele, signifying that UBS private wealth customers using the YES strategy could rely upon the YES Team to utilize choices, to”provide an extra source of earnings to portfolios when markets are level, trending greater or trending lower.”
Some materials seem to remember that the UBS YES Strategy entailed some possible dangers that”might lead to losses,” through periods of high volatility… could possibly bring about the realization of further losses,” and”additional trading approaches might bring about realizing further losses. ” But, some customers who were offered on the YES Strategy explain some rather clear statements and representations associated with some supposed substance risk disclosures.
UBS continued to urge that the YES plan in this period of intense volatility as a supposedly safe income generating strategy investment, even when in fact it wasn’t, as investors were subjected to significant potential risks to main.
“Yield Enhancement Strategy” “YES” Strategy Lawsuit Due to Risks
UBS may Attempt to seek refuge behind their obscure threat disclosures, but Those disclosures don’t measure the threat or define the character and level of danger, which also raises questions in certain cases regarding whether or not these dangers were suspicious by a fiduciary degree of support. What disclosures were advised to the investor client, like in almost any instance, is where the”rubber meets the road.”
It is Haselkorn & Thibaut, P.A.’s perception the YES Team And/or other members of the UBS marketing division traveled into UBS branches throughout the nation aggressively advertising the merits of their YES strategy. In these visits, meetings, and promotional or marketing campaigns, there was little to no familiarity with the prospect of significant principal investment losses that lots of investors experienced in the fourth quarter of 2018.
Along with promotional actions within UBS and its own private riches customers, the YES Team also encouraged the investment plan with a number of the wealthiest investors from the nation. At a certain stage later joining UBS, Mr. Buchsbaum encouraged his investment plan to”Tiger 21. ” Tiger 21 (The Investment Group for Improved Outcomes from the 21st Century) clarifies its members as a social system for purposes of discussing matters that matter most to its membership that collectively manage over $50 billion in private assets. Its members include some of their very affluent investors from the USA, Canada, and the United Kingdom.
Many investor customers utilizing the YES plan in overdue 2018 have expressed frustration insofar because they relied upon a reliable fiduciary in UBS to invest in what was assumed to become an income-producing investment plan and yet they’re left with main losses which were entirely unexpected rather than revealed as a possible outcome.
In reality, some UBS financial advisers are also clearly captured from the many
The character and substance of any communications will be a focal point of any Claims by shareholders to regain unexpected losses. UBS customer investors in some instances are worried about between their regional UBS adviser in almost any contemplated actions against the company, as they consider the responsibility should fall on UBS and the YES Team, as their local financial adviser was much less comfortable with all the YES plan or the way that various market conditions may influence it.
Report with seven (7) pending mediation claims which were registered in March and April 2019. Mr. Rosenberg has three (two ) reportable occasions, Mr. Gostello has two (two ), while Ms. Attkiss has none.