Angelo Massaro Jr., of UBS Financial Services Inc., is the subject of a customer initiated investment related written complaint on June 7, 2017, in which the customer requested $160,000.00 in damages founded upon accusations that Massaro sold the customer unsuitable investments, and mismanaged the customer’s accounts. The customer alleged that structured products placed in her account were not consistent with the customer’s moderate risk tolerance which led her to sustain investment losses.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Massaro has been identified in three additional customer initiated investment related disputes pertaining to allegations of Massaro’s misconduct while he was employed with UBS Financial Services Inc. Particularly, on December 23, 2008, a customer initiated investment related written complaint involving Massaro’s conduct was settled for $125,000.00 in damages founded upon accusations that illiquid auction rate securities were placed in the customer’s account.
Subsequently, on July 25, 2016, a customer filed an investment related written complaint involving Massaro’s conduct, in which the customer requested $5,000.00 in damages founded upon accusations that Massaro placed unsuitable equity, unit investment trust, and option trades in the customer’s account between 2008 and 2016. Then, on May 30, 2017, a customer filed an investment related arbitration claim regarding Massaro’s activities in which the customer requested $250,000.00 in damages founded upon accusations that master limited partnerships were placed in the customer’s account between 2012 and 2016 despite the failure of those products to be suitable. The customer further alleged that risks of the products were misrepresented, investments were excessively traded, and instructions for investing were not followed by Massaro.
Massaro was fired from UBS Financial Services. on July 5, 2016, founded upon accusations that he placed unauthorized trades in customer accounts; Massaro reportedly accepted orders through e-mail and did not speak with customers before effecting transactions in their accounts.
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