Articles Tagged with omission

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FINRA has suspended financial advisor Michael Anthony Tavel (CRD #4862463) from the securities industry for 18 months and fined him $20,000.  Michael Tavel was a stockbroker at LPL Financial LLC, in Indianapolis, Indiana, from September 2004 until April 2019. He has also been affiliated with Charter Advisory Corporation and Tavel Insurance & Financial Services, LLC.

If you have lost money with Michael Tavel, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.

Michael Tavel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 17, 2020, over allegations related to Mr. Tavel recommending private securities transactions to three investors.  One of the transactions involved a senior customer.   Mr. Tavel did not have a reasonable basis to believe that the recommendation that the senior invest in the private security was suitable.  Mr. Tavel also provided misleading materials to the customers and, after the customer orally complained, improperly attempted to settle the complaint away from the firm.

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Today, UBS Group AG announced that its net profit almost doubled in the third quarter to nearly $2.1 billion from $1.05 billion from a year earlier.

Meanwhile, as UBS and other large investment banking firms continue to rake in huge profits, UBS’s Yield Enhancement Strategy investors continue to suffer avoidable losses.

UBS’s Yield Enhancement Strategy, or YES, is a complex managed options strategy that UBS marketed as a safe, market-neutral overlay that would provide incremental returns to an investor’s portfolio.

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