INVESTORS: UBS Financial Services broker Scott Michael Rosenberg was named in multiple customer disputes alleging unsuitability and misrepresentation with respect to investment recommendations.
Scott Michael Rosenberg (CRD#: 2754292) is registered as a broker with UBS Financial Services, where he’s been employed since 2015. Previously, Rosenberg was registered as a broker and investment adviser with Credit Suisse from 2003 until 2015.
Rosenberg has twenty-five disclosures on his BrokerCheck report. Four customer disputes filed against Rosenberg were denied and four were withdrawn.
December 2021 Customer Dispute
Status: Pending
Allegations: Time frame: 2017-2019 Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $8,000,000.00
December 2021 Customer Dispute
Status: Pending
Allegations: Time frame: 1/2016 – Present Allegations: The firm has received a putative class action seeking to recover losses incurred by UBS customers who participated in the Yield Enhancement Strategy (YES). The complaint alleges that the firm failed to accurately disclose the risks associated with YES, its expected performance, certain alleged conflicts of interest, and that YES team members were involved in arbitration proceedings brought by their former employer.
Damage Amount Requested: $1,200,000,000.00
Broker Comment: Not a late filing. As per the disclosure letter amending the Filing Type.
May 2020 Customer Dispute
Status: Pending
Allegations: Time frame: Beginning May 2018 Allegations: Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $420,000.00
May 2020 Customer Dispute
Status: Pending
Allegations: Time frame: Starting early 2018 Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
May 2020 Customer Dispute
Status: Award / Judgment
Allegations: Rosenberg was a subject of the customer’s complaint against his member firm that asserted the following causes of action: fraud; misrepresentation; unsuitability; unsuitable product; breach of fiduciary duty; negligence; and breach of contract under the federal securities laws, FINRA regulations, California state securities laws and applicable common law.
Damage Amount Requested: $250,000.00
May 2020 Customer Dispute
Status: Settled
Allegations: Time frame: 2017-2020 Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $3,000,000.00
Settlement Amount: $1,100,000.00
March 2020 Customer Dispute
Status: Pending
Allegations: Time frame: 2016-Present Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $1,200,000.00
March 2020 Customer Dispute
Status: Pending
Allegations: Allegations as stated by Claimant: 2018 Allegations: Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $1,500,000.00
October 2019 Customer Dispute
Status: Pending
Allegations: Time frame: 2016 – present Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $6,500,000.00
August 2019 Customer Dispute
Status: Award / Judgment
Allegations: Rosenberg was a subject of the customer’s complaint against his member firm that asserted the following causes of action: fraud; misrepresentation; unsuitability; breach of fiduciary duty; and breach of contract under the federal securities laws, FINRA regulations, and state securities and common law.
Damage Amount Requested: $400,000.00
August 2019 Customer Dispute
Status: Pending
Allegations: Time frame: 2017 – present Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $800,000.00
June 2019 Customer Dispute
Status: Award / Judgment
Allegations: Rosenberg was a subject of the customers’ complaint against his member firm that asserted the following causes of action: breach of fiduciary duty; negligence; negligent supervision; fraud; breach of contract; violation of Section 10(b) of the Securities Exchange Act and Rule 10b-5 of the Securities and Exchange Commission; and violation of the Florida Securities and Investor Protection Act.
Damage Amount Requested: $5,000,000.00
Broker Comment: This filing should not be considered late – As this has been updated to reflect the changes of duplicate filing and duplicate filing under occurrence ID 2039700 has been deleted.
June 2019 Customer Dispute
Status: Pending
Allegations: Time frame: September 2016 – present Claimant’s counsel alleges unsuitability and misrepresentation with respect to recommendations to invest in and hold an options overlay strategy.
Damage Amount Requested: $400,000.00
June 2019 Customer Dispute
Status: Pending
Allegations: Time frame: 2018 – Present Allegations: Claimant’s Counsel alleges unsuitability and misrepresentation regarding an options overlay strategy investment.
Damage Amount Requested: $6,000,000.00
May 2019 Customer Dispute
Status: Award / Judgment
Allegations: Time frame: 2016 – Present Allegations: Claimant’s Counsel alleges unsuitability and misrepresentation regarding an options overlay strategy investment.
Damage Amount Requested: $326,877.36
Damages Granted: $450,000.00
February 2019 Customer Dispute
Status: Award / Judgment
Allegations: Rosenberg was a subject of the customer’s complaint against UBS Financial Services, Inc. that asserted the following causes of action: constructive fraud; negligent misrepresentation; omissions; breach of fiduciary duty; breach of contract; unsuitability; and failure to supervise. The causes of action relate to Claimant’s investment in the Yield Enhancement Strategy (“YES”) offering with Respondent.
Damage Amount Requested: $402,182.00
Broker Comment: Not a late filing, based on disclosure letter issued as of 11/01/2021 amending the details.
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