Investors Seek $3.5 Million in Dispute with Richard Grassey

Richard Grassey (CRD #: 1249689), a broker registered with UBS Financial Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on January 10, 2025. Keep reading if you want to know more about his alleged conduct as a broker.

Investor Dispute

On December 3, 2024, Richard Grassey was named in a dispute alleging that UBS Financial Services failed to perform adequate due diligence on a fund of funds which was allegedly unsuitable for any investor. This allegedly resulted in investors not receiving full disclosure of risks.

The dispute alleges that this misconduct took place between January 2011 and 2023. Investors seek $3.5 million in damages.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to take investors’ profiles into account when recommending investments. These profiles describe an investor’s tax status, risk tolerance, age, and other characteristics.

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

Regulation Best Interest

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information

Richard Grassey has passed the following exams:

• Securities Industry Essentials Examination – SIE
• National Commodity Futures Examination – Series 3
• Futures Managed Funds Examination – Series 31
• General Securities Representative Examination – Series 7
• Uniform Investment Adviser Law Examination – Series 65
• Uniform Securities Agent State Law Examination – Series 63

Richard Grassey is a registered broker in 41 states and the District of Columbia. He is also a registered investment adviser in New York and Texas.

He has also worked for Merrill Lynch Pierce Fenner & Smith (CRD#:7691).

Kurta Law Can Help

If you worked with Richard Grassey 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.