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UBS Broker Investment Fraud - The Hayes Law Firm
PRNewswire
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(November 30, 2009 - Monday) - 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.
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