Patricia Smith Allegedly Misrepresented a Variable Insurance Policy

Patricia Smith (CRD #: 501388), a broker registered with UBS Financial Services, is the subject of an investor dispute. This is according to her BrokerCheck record, accessed on July 26, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On May 16, 2024, an investor alleged that Patricia Smith misrepresented a variable insurance policy’s death benefit and that the policy’s underly investments did not suit the investor’s needs. 

Variable Annuities 

Variable annuities are complex investments. These policies can decline in value depending on the performance of the underlying securities. Surrender charges, tax penalties, and other fees can make these policies unsuitable.

Misrepresentation 

FINRA Rule 2020 prohibits the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

Background Information 

Patricia Smith 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 7 General Securities Representative Examination
• Series 24 General Securities Representative Examination 

He is a registered broker in 30 states and Puerto Rico. He is a registered investment adviser inTexas. 

During his 42 years of experience, Patricia Smith has registered with six firms: 

• UBS Financial Services (CRD #: 8174) 
• Wachovia Securities (CRD #: 19616) 
• Prudential Securities Incorporated (CRD #: 7471) 
• Boettcher & Company (CRD #: 101) 
• Swink & Company (CRD #: 7111) 
• J. Milton Newton (CRD #: 7109) 

Kurta Law Can Help 

If you have worked with Patricia Smith and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that 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. Do not let securities fraud go unchecked. Start your recovery process today.