Raymond Byers Allegedly Misrepresented a Put Options Strategy

Raymond Byers (CRD #: 2590926), a broker registered with UBS Financial Services, is the subject of an investor dispute. This dispute appears on his BrokerCheck record, accessed on September 20, 2023. Keep reading for more details. 

On August 22, 2023, investors alleged that Raymond Byers misrepresented an unsuitable put options writing strategy. This strategy allegedly led to a $600,000 loss. 

FINRA Rule 2111 – Unsuitable Options Trading

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s risk tolerance. Options trading strategies are often unsuitable because they are speculative and therefore likely to lose money. Writing an options contract means selling an options contract for a fee. A “put” option gives the buyer the option to sell shares at a certain price after a specified deadline. 

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. A violation of FINRA Rule 2111 is also a violation of FINRA Rule 2010.

FINRA Rule 2020

FINRA Rule 2020 prohibits the misrepresentation of investments or omission of material facts. Material facts include information about an investment’s potential risks. 

Background Information

Raymond Byers 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 9 General Securities Sales Supervisor – Options Module Examination 
• Series 10 General Securities Sales Supervisor – General Module Examination 

He is a registered broker in 29 states and is a registered investment adviser in Indiana and Texas. 

Raymond Byers has registered with the following firms: 

• UBS Financial Services (CRD #: 8174) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 

Kurta Law Can Help

If you worked with Raymond Byers 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 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.