Short-selling is a strategy that seeks to profit from a decline in the price of the stock being considered. The losses, and claim, arising from the short-selling of Tesla stock that Burish has been repeatedly promoting in 20. The other people in the family who lost money are their three children and their spouses.īoth Hansen and Simmons Perrine Moyer Bergman’s Cedar Rapids, Iowa-based lawyer Paul Gamez, who is representing the claimants, have not commented on the story. Hansen, along with his wife, lost the largest amount, $16.5 million. The family includes Dennis Hansen, the CEO and owner of a torque-convertor maker in New Hampton by the name of Precision and a manufacturer of automatic flushing systems for oil coolers and heat exchanges by the name of HotFlush, Inc., as gleaned from his LinkedIn profile. The claim specifies that the $23 million loss was incurred by a set of four couples who are part of an extended family and one other investor. Punitive damages and costs claimed apart from the $23 million are unspecified. In addition, UBS has been accused of failing to supervise its brokers. Futures Commission Merchant (FCM) Information for UBS Financial Services Inc .An arbitration claim filed with the Financial Industry Regulatory Authority (FINRA) has asked for $23 million in damages and has accused brokerage firm UBS and its financial advisor Andrew Burish of violation of suitability guidelines of FINRA as well as breach of fiduciary duty. Important Information About Auction Rate Securities (Not for Puerto Rico). Statement of Financial Condition- UBS FSI of Puerto Rico. (including Private Wealth Advisors and International Private Wealth Advisors).įor more information on third party rating methodologies, please visit ubs.com/us/en/designation-disclosures.html. Private Wealth Management resources and services are provided by specially-accredited Financial Advisors within UBS Financial Services Inc. Wealth Management and Private Wealth Management and UBS International are divisions of UBS Financial Services Inc., a subsidiary of UBS AG. You can ask us to review your brokerage account and provide you with investment recommendations at any time. Unless we separately agree in writing, we do not monitor your brokerage account, and you make the ultimate decision regarding the purchase or sale of investments. Commodity Futures Trading Commission (CFTC) and offers brokerage services related to the execution and clearing of on-exchange futures and options on futures products. is also registered as a Futures Commission Merchant (FCM) with the U.S. Wealth management services in the United States are provided by UBS Financial Services Inc., a registered broker-dealer offering securities, trading, brokerage and related products and services. You should consult with your legal counsel and/or your accountant or tax professional regarding the legal or tax implications of a particular suggestion, strategy or investment, including any estate planning strategies, before you invest or implement. nor its employees (including its Financial Advisors) provide tax or legal advice. For more information, please review the PDF document at ubs.com/relationshipsummary. Our agreements and disclosures will inform you about whether we and our financial advisors are acting in our capacity as an investment adviser or broker-dealer. Your financial advisor will let you know if this is the case and, if you desire advisory services, will be happy to refer you to another financial advisor who can help you. A small number of our financial advisors are not permitted to offer advisory services to you, and can only work with you directly as UBS broker-dealer representatives. It is important that clients understand the ways in which we conduct business, that they carefully read the agreements and disclosures that we provide to them about the products or services we offer. Investment advisory services and brokerage services are separate and distinct, differ in material ways and are governed by different laws and separate arrangements. offers investment advisory services in its capacity as an SEC-registered investment adviser and brokerage services in its capacity as an SEC-registered broker-dealer. Īs a firm providing wealth management services to clients, UBS Financial Services Inc. Please consult the sales restrictions relating to the service in question for further information. Products and services mentioned on these web pages may not be available for residents of certain nations.
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