Schwartz Law is currently investigating claims against Barry Schwartz (“Schwartz”) who is located in Miami, Florida. Schwartz is a 40-year veteran of the financial services industry and joined UBS in 2013. Prior to working with UBS, Schwartz was associated with Alliance Berstein, L.P. and Sanford C. Berstein & Co., LLC. Schwartz is the subject of a pending customer complaint where it is alleged that Schwartz made unsuitable trades in the client’s account and overconcentrated the account. It is further alleged that Schwartz made misrepresentation to the client about the handling of the account. The client is seeking recovery of $1,000,000 based on the actions of Schwartz.
Prior to this pending customer dispute, in 2013 Schwartz was fined $22,500 by the State of Florida for running an unregistered investment advisory business. He also settled another customer dispute in 1997 based on allegations of the sale of unsuitable securities.
What is Suitability?
Suitability refers to an ethical, enforceable standard regarding investments that financial professionals are held to when dealing with clients. Before making a recommendation, brokers, money managers, and other financial advisors have a duty to take steps to ensure the asset or product is suitable—that is, appropriate for—that investor’s goals, needs, and risk tolerance. In the U.S., the Financial Industry Regulatory Authority (“FINRA”) and/or the Securities and Exchange Commission (“SEC”) oversees and enforces this standard, outlining suitability requirements in FINRA Rule 2111 and SEC Regulation Best Interest.
What is Overconsentration?
Over concentrated stock positions are large holdings in one or more security that create unwanted risk for a portfolio. If you have a large portion of your investment portfolio in a single stock, you likely have a concentrated stock position. These large holdings can create unwanted risk to your portfolio and may be difficult to sell, even if the stock is publicly traded.
Investigation of Barry Schwartz of UBS
If you have suffered losses as a result of Barry Schwartz, we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their accounts that are managed by Schwartz. If you have had a similar experience, we would like to hear from you as your experience may assist us in the adjudication of claims against Barry Schwartz and UBS. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at [email protected].