Michael James Keane and UBS Jointly Liable for $805,120 Award for Unsuitable Investments

Arbitration Award

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After a hearing, an arbitration panel found ex-broker Michael James Keane and his former firm, UBS Financial Services Inc., jointly liable for two customers’ losses of $805,120.  The Financial Industry Regulatory Authority, Inc. (FINRA) announced the award on April 6, 2018.

According to FINRA records, the customers alleged that between May 2008 and November 2015, Keane recommended an unsuitable investment strategy of energy stocks, master limited partnerships, and business development companies and misrepresented the risk associated with the strategy.

The customers named Keane and UBS as respondents, who the customers claimed were liable for their losses on grounds of negligence, negligent misrepresentation, fraud by misrepresentation, fraudulent concealment, respondeat superior, breach of fiduciary duty, unjust enrichment, breach of contract, and breach of the duty of good faith and fair dealing.  The complaint was filed in October 2016.

According to FINRA records, five of Keane’s customers previously filed claims against UBS or UBS and Keane alleging that Keane recommended unsuitable investment strategies.  UBS settled four of the claims, one was denied, and one filed in October 2017 is still pending.

Michael James Keane first became associated with a securities firm in 1968.  From September 2007 through March 2016, he was a registered representative with UBS Financial Service Inc.  He has not been registered with a securities firm since.

Recovery Options for Losses Due to Unsuitable Investment Strategy Recommendations

Marquardt Law Office LLC would like to speak with you if you believe you suffered investment losses due to Michael James Keane recommending you an unsuitable investment strategy.

Rules and regulations require brokers to recommend only suitable investment products and strategies to their customers.  Suitability is based on factors such as a customer’s age, investment objective, risk tolerance, investment experience, financial status and needs, and an investment’s features and risks.

Rules also require brokerage firms, like UBS, to supervise their brokers to ensure they only recommend suitable investment products and strategies.  Investors have the right to pursue claims against their brokers’ firms when the brokers recommend unsuitable investment strategies resulting in losses.

Contact Marquardt Law Office LLC for a free case evaluation if you suffered losses after your broker recommended an unsuitable strategy.

Marquardt Law Office LLC is a securities law firm located in Chicago, IL that represents clients nationwide who have suffered losses due to misconduct such as fraud and negligence.

Adam J. Marquardt

Adam Marquardt represents investors in securities litigation claims such as unsuitable investments, negligence, and fraud. He is dedicated to recovering financial losses for investors, primarily through FINRA arbitration. Adam’s background includes experience as a FINRA regulator, an accountant and auditor, and an attorney who recovered $8 million litigating cases involving fraudulent financial practices. Adam previously passed the Certified Public Accountant (CPA) exam and is an attorney licensed in Illinois.

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