Investors Seek $1 Million in Dispute with Siobhan Shaughnessy

Siobhan Shaughnessy (CRD #: 5151594), a broker registered with UBS Financial Services, is the subject of a pending dispute, according to her BrokerCheck record, accessed on December 13, 2024. If you want to know more about her alleged conduct as a broker, keep reading.

Investor Dispute

On November 1, 2024, multiple investors filed a dispute naming Siobhan Shaughnessy in allegations that an account used as collateral for a line of credit was unsuitably allocated in equities between 2008 and 2022. They further alleged that Siobhan Shaughnessy’s overall investment strategy was not in their best interest.

The clients seek $1 million in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles contain information about investors’ investing experience, risk tolerance, tax status, and financial goals.

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

Regulation Best Interest

Regulation Best Interest expands on the requirements of FINRA Rule 2111, which defines suitable investment recommendations. In addition to only recommending investments that suit their investors’ needs, brokerage firms must also uphold a Duty of Care, the Conflict of Interest Obligation, and the Disclosure Obligation. These obligations and duties require brokerage firms to disclose conflicts of interest and to conduct due diligence when researching investments. 

Background Information

Siobhan Shaughnessy has passed the following exams:

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

Siobhan Shaughnessy is a registered broker in 42 states as well as the District of Columbia and Puerto Rico. She is also a registered investment adviser in New York, Texas, and the District of Columbia.

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

Kurta Law Can Help

If you worked with Siobhan Shaughnessy 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.