Securities Arbitration Lawyers BlogClint Stoffels, UBS Financial Services: Unsuitable Investments
Clint H. Stoffels
CRD# 5891072
Silver Law Group is investigating former Dallas, Texas UBS Financial Services broker Clint H. Stoffels after a client filed a FINRA complaint alleging unsuitable options investments, churning and misrepresentation.
According to FINRA’s BrokerCheck report on Stoffels, a client filed a FINRA complaint in May of 2017 alleging that he provided unsuitable investment advice, engaged in churning and misrepresentation. The complaint also stated that Stoffels solicited private investments for outside business ventures.
In July of 2017, FIRA suspended Stoffels after he failed to respond to an official FINRA request for information.
Making unsuitable investment recommendations and over concentration are both serious forms of broker misconduct. A broker’s employing firm is responsible for overseeing the broker to prevent such misconduct. Failure to supervise is a claim made against a brokerage firm in these situations.
Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.
When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there has to be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.
Often times, unsuitable investment recommendations are accompanied by churning. Churning occurs when the account is frequently trades for no apparent reason but to generate fees and commissions.
FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unsuitable recommendations. The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.
If you invested with Clint H. Stoffels and UBS Financial Services and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.