James Arthur Schwarz, of Short Hills, New Jersey, a stockbroker registered with UBS Financial Services Inc., was the subject of a customer initiated investment related complaint filed on September 12, 2023. In this complaint, the customer requested compensatory damages based upon allegations that Schwarz made the unsuitable investment recommendations of over-the-counter equities and caused the customer’s account to be overconcentrated in those investments during the time that Schwarz was associated with UBS Financial Services Inc. The complaint was denied or determined to be without merit by UBS Financial.
Schwartz has been registered (or exempt from registration) for more than fifty-eight (58) years.
Over this fifty-eigt year period, Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Schwarz was only referenced in three other customer initiated investment related disputes concerning Schwarz’s conduct while associated with securities broker dealers. A customer initiated investment related NASD arbitration claim, based upon alleged breach of fiduciary duty, breach of contract, omissions of material fact, and unsuitable recommendations in stocks during the time that Schwarz was associated with Salomon Smith Barney, was denied in its entirety, and the underlying customer complaint, was ordered to be expunged. NASD Arbitration No. 03-08477.
On July 28, 2009, a different customer initiated investment related complaint involving Schwarz’s conduct was settled for $4,800.00 in damages. The complaint was based on allegations that Schwarz made unsuitable recommendations in stocks when he was associated with Citigroup Global Markets Inc. Schwarz is also referenced in another customer initiated investment related complaint that was settled on July 28, 2009, for $8,000.00 in damages. This complaint stemmed from allegations that Schwarz provided unsuitable advice in stocks during his association with Citigroup Global Markets Inc.
Schwarz has been associated with UBS Financial Services Inc. in Short Hills, New Jersey since January 10, 2013.
