James Lebaron Springer of Sarasota, Florida, a stockbroker formerly registered with UBS Financial Services Inc., is the subject of a customer initiated investment related written complaint on December 12, 2016, in which the customer sought at least $5,000.00 in damages supported by allegations that between 2011 and 2016, Springer sold the customer’s blue-chip stocks and used the proceeds to buy publicly traded partnerships, where the customer apparently incurred losses, excessive fees and undue tax burdens associated with those investments.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Springer has been identified in twenty-six more customer initiated investment related disputes pertaining to accusations of Springer’s improper conduct during the time he was associated with UBS Financial Services Inc. and Huntington Investment Company.
Particularly, a customer initiated investment related written complaint involving Springer’s conduct was settled for $146,567.73 in damages founded on allegations that between September of 2009 and October of 2012, the customer was charged fees on a poorly performing hedge fund after receiving assurances that the fees would not be assessed. Another customer initiated investment related arbitration claim regarding Springer’s activities was resolved for $35,000.00 in damages based upon allegations that the customer was not made aware of a hedge fund strategy change. FINRA Arbitration No. 14-02636 (Dec. 22, 2014).
Another customer initiated investment related written complaint pertaining to Springer’s conduct was settled for $220,000.00 in damages supported by accusations that from January of 2012 to July of 2014, Springer invested the customer’s funds without regard to the customer’s tolerance for risk and conservative investment objectives, and overcharged the customer within a managed account. Subsequently, a customer initiated investment related arbitration claim regarding Springer’s activities was resolved for $300,000.00 in damages supported by allegations that Springer made unsuitable investment recommendations and misrepresentations pertaining to annuities, life insurance and hedge funds. FINRA Arbitration No. 14-03872 (Feb. 18, 2016).
Springer has also been subject of a customer initiated investment related written complaint on March 27, 2015, where the customer requested at least $5,000.00 in damages founded on allegations that Springer effected unsuitable partnerships transactions for the customer’s individual retirement account. Further, on March 27, 2015, a customer initiated investment related written complaint regarding Springer’s activities was resolved for $58,013.35 in damages based upon accusations that Springer failed to inform the customer about the costs of investing.
Another customer filed an investment related written complaint regarding Springer’s activities on October 12, 2015, alleging that between January of 2014 and October 13, 2015, account management fees were not disclosed to the customer. Later, a customer initiated investment related arbitration claim regarding Springer’s activities was resolved for $110,000.00 in damages supported by allegations of unsuitable investment recommendations and misrepresentations having been made to the customer in reference to the risk of hedge funds. FINRA Arbitration No. 16-02888 (June 7, 2017).
Springer was fired from UBS Financial Services Inc. on July 23, 2014 based upon allegations including his failure to make the firm aware of the myriad of customer disputes and violation of the firm’s compensation policy. Springer has been associated with Stifel, Nicolaus & Company, Incorporated since August 12, 2014.
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