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Investors Seek Over $1 Million In Damages in Disputes with Mark Elias

Dec 21, 2022 Misrepresentation

Mark Elias (CRD #: 2938707), a broker registered with UBS Financial Services, allegedly made misrepresentations related to an option overlay strategy, according to his BrokerCheck record, accessed on December 7, 2022. Keep reading to learn more about his alleged conduct as a broker.

Pending Investor Disputes

On September 16, 2022, an investor alleged that Mark Elias made unsuitable recommendations to invest in and hold an options overlay strategy, and made misrepresentations. The client alleges this misconduct occurred from 2016-2019 and seeks $1 million in damages in the pending dispute.

Another dispute, filed on May 8, 2019, similarly alleged Mark Elias made misrepresentations and unsuitable recommendations with regard to an options overlay strategy from 2017-2019. The client seeks $400,000 in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. An investor’s profile includes information about their age, risk tolerance, and financial goals.

Investors who feel their losses were caused by unsuitable investment recommendations may be able to recover their funds by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deception, manipulation, and other fraudulent means of influencing investors’ decisions. Misrepresenting an investment’s requirements, limitations, or other features violates this rule.

Settled Dispute

On August 26, 2019, a client filed a dispute against UBS Financial Services naming Mark Elias in allegations of fraud, breach of contract under federal securities laws, misrepresentation, and violation of the suitability rule. The client additionally alleged violations of FINRA regulations, state securities laws, and violations under common law.

These allegations concerned the alleged fraudulent marketing of an options strategy, called the Yield Enhancement Strategy (YES), as low-risk.

This dispute was settled on September 15, 2021, for $400,000. You can read a copy of the arbitration award here.

Background Information

Mark Elias has passed the following exams:

  • Series 66 – Uniform Combined State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 3 – National Commodity Futures Examination
  • Series 7 – General Securities Representative Examination

Mark Elias is a registered broker in 19 states and Puerto Rico. He is also a registered investment adviser in Oklahoma and Texas.

He has also worked for Morgan Stanley & Company (CRD#:8209).

Kurta Law Can Help

If you worked with Mark Elias 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.