FINRA Claim Filed Against UBS Financial Services For Failing To Supervise Todd Michael Ellentuck
Press Release (ePRNews.com) - ST AUGUSTINE, Fla. - Jul 18, 2017 - Todd Ellentuck was employed by UBS Financial Services “UBS” from 2012 to October 2016. Ellentuck was discharged from UBS, according to his broker check report, for “violating the firms order entry policy by failing to enter trades immediately upon receipt, accepting certain orders from non-customers absent prior trading authorizations, and in certain cases, receiving both fees and commissions/sales credits in connection with transactions in the same securities.”
A Saint Augustine, Florida resident hired the securities arbitration law firm Soreide Law Group to recover losses that allegedly incurred from UBS broker Ellentuck charging both a commission on bond sales and a management fee. The investigation is still ongoing and UBS and Ellentuck have yet to respond to these allegations.
In addition to the double billing allegations raised by the Claimants, the Claimants also allege the improper and unauthorized trades in Puerto Rico bonds and the over concentration into master limited partnerships (“MLP’s”) and other oil and gas related investments. In addition the losses sustained in MLP’s and Puerto Rican bonds there are also allegations of selling unsuitable structured products which include the Deutsche Bank AG collared note (cusip 25152RUX9)
The Claimants through their attorney Lars Soreide, Esq., have accused UBS of breach of their fiduciary duty, violation of industry rules and negligent supervision. The Claimants are seeking an unspecified amount of damages up to $750,000.
The suit is being arbitrated through Finra case number 17-01863 and UBS has yet to file a response.
Lars Soreide, Esq., expects the case to be arbitrated by the summer of 2018.
If you were a customer of Todd Ellentuck while he was employed at UBS call 888-760-6552 or visit https://www.SecuritiesLawyer.comSource : Soreide Law Group PLLC
Soreide Law Group
511 NE 3rd ave
Ft. Lauderdale, Florida - 33301 United States