Derek Michael Nierman of Scottsdale Arizona a stockbroker formerly employed by UBS Financial Services Inc. has been identified in a customer initiated investment related arbitration claim which was resolved for $98,750.00 in damages founded on accusations that the customer was steered by Nierman towards investing in a real estate investment but the customer’s funds had been used by the stockbroker for his own use instead. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02996 (Oct. 4, 2019).
Nierman is the subject of five more customer initiated investment related disputes pertaining to allegations of his bad business practices while employed by securities broker dealers including Morgan Stanley Smith Barney. FINRA Public Disclosure indicates that a customer filed an investment related complaint involving Nierman’s conduct in which the customer requested unspecified damages based upon allegations of misrepresentations being made by the stockbroker concerning auction rate securities.
Another customer filed an investment related complaint pertaining to Nierman’s conduct in which the customer requested unspecified damages supported by allegations of aggressive exchange traded funds being purchased by Nierman for the customer’s managed account at Morgan Stanley Smith Barney. Nierman is also referenced in a customer initiated investment related complaint where the customer sought unspecified compensatory damages based upon accusations that a stock purchase was effected by Nierman without the customer’s knowledge or consent during the period in which Nierman was associated with Morgan Stanley Smith Barney.
On February 10, 2015, another customer initiated investment related arbitration claim involving Nierman’s conduct was settled for $625,000.00 in damages based upon allegations that Nierman’s exchange traded fund transactions were in no way suitable for the Morgan Stanley Smith Barney customer. FINRA Arbitration No. 14-01419.
Nierman’s registration with UBS Financial Services has been terminated as of January 8, 2018.
