Mike Persia Allegedly Recommended Unsuitable Options Overlay Strategy

Mike Persia (CRD #: 712234), a broker registered with UBS Financial Services, allegedly made unsuitable investment recommendations, according to his BrokerCheck record, accessed on December 5, 2022. Keep reading to learn more about his alleged conduct as a broker.

Investor Dispute

On September 27, 2022, an investor alleged Mike Persia made misrepresentations and unsuitable recommendations to invest in and hold an options overlay strategy in 2017. The client seeks $900,000 in this pending dispute.

FINRA Rule 2020

FINRA Rule 2020 bans the use of deceptive, manipulative, and otherwise fraudulent means of influencing the purchase or sale of investments. Misrepresenting facts related to an investment, such as its requirements or limitations, violates this rule.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe the following investor characteristics:

• Age
• Financial goals
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status

Alternative investments often do not suit their investors’ profiles and are unsuitable. 

Background Information

Mike Persia 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 31 – Futures Managed Funds Examination
• Series 7 – General Securities Representative Examination

Mike Persia is a registered broker in 24 states and a registered investment adviser in Texas.

He has also worked for the following firms:

• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)
• PaineWebber (CRD#:8174)
• Rotan Mosle (CRD#:727)

Kurta Law Can Help

If you worked with Mike Persia 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.