Mark Steven Elias, of Houston, Texas, a stockbroker registered with UBS Financial Services Inc., is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer requested $700,000.00 in damages based upon allegations that Elias made unsuitable recommendations and misrepresentations of material fact in connection with an options overlay strategy between 2016-2020 while Elias was associated with UBS Financial Services Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 23-02289 (September 1, 2023).
Public Disclosure shows that Elias is referenced in three other customer initiated investment related disputes concerning his conduct while he was associated with UBS Financial Services Inc. Elias was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $357,831.22 in compensatory damages because UBS Financial Services Inc. was held liable for sales practice violations. FINRA Arbitration No. 19-02550 (September 15, 2021). The Statement of Claim alleged misrepresentation, unsuitable recommendations, fraud, breach of fiduciary duty, and breach of contract in connection with the sale of Yield Enhancement Strategy.
According to Elias, “This client brought claims against my employer, not against me, alleging that the firm misrepresented the risks of a proprietary options overlay strategy. It appears on my record solely because FINRA requires the reporting of arbitration claims on the record of the claimant’s broker of record. I was not a named party to the action, there was no award against me, I was not asked to contribute in any way to the award, and I have not been the subject of any disciplinary action by my employer or any regulator. In fact, I continue to have a strong and respectful relationship with this client, who to this day still uses me as his primary financial advisor.”
On September 16, 2022, a different customer filed an investment related FINRA securities arbitration claim involving Elias’s conduct in which the customer requested $1,000,000.00 in damages based upon alleged misrepresentations of material fact and unsuitable recommendations of an options overlay strategy from 2016-2019. FINRA Arbitration No. 22-02026.
On March 6, 2023, another customer filed an investment related FINRA securities arbitration claim involving Elias’s conduct. In this claim, the customer requested $600,000.00 in damages based upon allegations that Elias recommended an unsuitable options overlay strategy from 2018 to 2023. FINRA Arbitration No. 23-00429.
Those claims remain pending.
Elias has been associated with UBS Financial Services Inc. in Houston, Texas since January 31, 2003.