Securities Lawyers Blog
According to BrokerCheck records financial advisor William Hobby (Hobby), formerly employed by UBS Financial Services Inc. (UBS) has been subject to an astonishing 23 customer complaints and one employment termination for cause during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Hobby’s customer complaints allege that Hobby recommended unsuitable securities recommendations among other allegations of misconduct in the handling of customer accounts.
In September 2018 UBS discharged Hobby claiming that the firm’s review found that he exercised discretion in client account without written authorization, failed to escalate same client’s complaint, and worked against firm’s interests by assisting that client in efforts to procure settlement from firm.
In October 2018 a customer filed a complaint alleging that Hobby violated the securities laws by, among other things, from August 2016 to October 2018 that due to her age she should not have been labeled as an aggressive investor and suffered losses she could not afford. The alleged damages are estimated to be in excess of $5,000 and settled for $24,000.