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A National Securities Arbitration & Investment Fraud Law Firm

New York-based UBS Financial Services Broker Michael Keane Under Investigation For Unsuitable Investment Recommendations

Michael J. Keane


Silver Law Group is investigating former Melville, New York-based UBS Financial Services Inc broker Michael Keane, after multiple customer allegations of unsuitable investment recommendations where received by FINRA.

According to FINRA’s BrokerCheck report on Keane, a complaint was filed in October of 2017 alleging that during his time at UBS Financial Services he used an unsuitable investment strategy that involved energy, commodity and master limited partnerships. Damages relating to these complaints are alleged to be in excess of $5,000,000. The complaint is currently pending FINRA arbitration.

Among other investment tenets, brokers are required to recommend suitable investments to their clients. 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. Many financial advisors recommend risky MLP’s invested in the oil and gas sector as a way to make safe money without disclosing  all of the risks.

The misrepresentation or omission of material facts concerning investment recommendations by a brokerage firm and its representatives may be a cause of action in a FINRA arbitration claim for damages. There are two types of misrepresentations and omissions; those that are fraudulent and those that are negligent. Over the last several years, many investors have pursued FINRA arbitration claims for losses in energy, oil and gas bonds.

Misrepresentations often occur during the offering process or prior to investing in a particular product.  Misrepresentation can vary in appearance and, if made intentionally, are often times made in order to induce an unwitting investor to invest.  An example of a misrepresentation can include promises of high dividends or that the company of the underlying investment will go public in a year.

If proven, an intentional misrepresentation can have serious consequences, as it is a violation of Rule 10b-5 of the Securities Exchange Act of 1934. Many cases relate to conflicts of interest caused by investment banks creating debt for companies which they sell to retail investors.

FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading.  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 Michael Keane 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.

Scott Silver grew up on Long Island and is admitted to practice in NY and Florida. Scott routinely represents Long Island residents in securities investments fraud matters.

If you need a Long Island or New York securities or investment fraud lawyer, Please contact us.

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