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Alex Phillips Facing Two Six-Figure Disputes

Oct 28, 2022 Misrepresentation

Alex Phillips (CRD #: 1730948), a broker registered with UBS Financial Services, allegedly made unsuitable recommendations, according to his BrokerCheck record, accessed on October 15, 2022. Keep reading if you have questions about his conduct as a broker.

Investor Disputes

On July 11, 2022, an investor alleged that Alex Phillips made misrepresentations and gave unsuitable recommendations to invest in and hold an options overlay strategy from 2017 to the date of filing. The client seeks $750,000 in this pending dispute.

In a dispute filed on March 19, 2020, an investor alleged that Alex Phillips failed to follow his instructions to put him in a “defensive position” between December 2, 2019, and March 18, 2020. The client received a settlement of $290,000.

FINRA Rule 2020

The misrepresentation of information related to investments violates FINRA Rule 2020, which bans the use of manipulation, deception, and other fraudulent tactics to influence the purchase and sale of securities.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must examine an investor’s profile, which describes their age, risk tolerance, and tax status.

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Background Information

Alex Phillips has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 3 – National Commodity Futures Examination
  • Series 7 – General Securities Representative Examination

Alex Phillips is a registered broker in 25 states and a registered investment adviser in California and Texas.

He has also worked for Citigroup Global Markets (CRD#:7059) and Morgan Stanley & Company (CRD#:8209).

Kurta Law Can Help

If you worked with Alex Phillips and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.