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Investor Seeks $1.5 Million in Dispute with Eric Wittenberg

Nov 30, 2022 Misrepresentation

Eric Wittenberg (CRD #: 1552330), a broker registered with UBS Financial Services, allegedly recommended an unsuitable investment strategy, according to his BrokerCheck record, accessed on November 20, 2022. Read on to learn more about his alleged conduct as a broker.

Investor Disputes

On August 15, 2022, an investor named Eric Wittenberg in a dispute alleging the misrepresentation and unsuitability of recommendations to invest in and hold an options overlay strategy in December 2015. The client seeks $1.5 million in damages in this pending dispute.

A dispute filed on April 15, 2019, also made allegations involving Eric Wittenberg and misrepresentations of unsuitable recommendations to invest in and hold an options overlay strategy from September 2016 to the date of filing. The investor seeks $400,000 in this dispute.

Two disputes filed in 2020 made identical allegations as the above disputes. 

FINRA Rule 2020

FINRA Rule 2020 forbids the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of information related to investments.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their recommendations of investments and investment strategies to suit investors’ profiles. An investor’s profile contains information about their risk tolerance, age, and tax status. 

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

Eric Wittenberg has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 31 – Futures Managed Funds Examination
  • Series 7 – General Securities Representative Examination

Eric Wittenberg is a registered broker in 31 states and the District of Columbia. He is also a registered investment adviser in New Jersey, New York, and Texas.

He has also worked for the following firms:

  • Credit Suisse Securities (USA) (CRD#:816)
  • Wachovia Securities (CRD#:19616)
  • Salomon Smith Barney (CRD#:7059)
  • Oppenheimer & Company (CRD#:630)
  • Smith Barney, Harris Upham & Company (CRD#:7059)
  • Advest (CRD#:10)

Kurta Law Can Help

If you worked with Eric Wittenberg 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.