Matthew Stern Buchsbaum of New York New York and Stamford Connecticut a stockbroker currently registered with UBS Financial Services is referenced in a customer initiated investment related arbitration claim in which the customer sought $600,000.00 in damages based upon accusations that (1) unsuitable recommendations had been made by Buchsbaum concerning the purchase and retention of options as part of a strategy utilized for the customer’s account and (2) unfounded statements were made between 2016 and 2019 regarding the options strategy. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-02052 (Aug. 22, 2019).
FINRA Public Disclosure confirms that Buchsbaum has been identified in seventeen additional customer initiated investment related disputes concerning allegations of his misconduct during the time that he was associated with UBS Financial Services. Specifically, Buchsbaum is the subject of a customer initiated investment related complaint on April 3, 2018 where the customer requested damages estimated to exceed $5,000.00 supported by accusations that from July 20, 2017 and April 3, 2018, the options strategy selected for the customer’s account had been negligently and imprudently managed; and a fiduciary duty that was owed to the customer had been violated.
On February 4, 2019, another customer filed an investment related complaint involving Buchsbaum’s conduct in which the customer requested damages estimated to exceed $5,000.00 based upon allegations that the customer had been misled regarding the risks associated with investments selected for the customer’s managed wrap account; and the risks inherent in an investment strategy used for the customer’s account between 2018 and 2019 exceeded potential returns. Another customer filed an investment related complaint concerning Buchsbaum’s conduct on March 7, 2019 in which the customer sought damages estimated to exceed $5,000.00 founded on allegations that Buchsbaum falsely represented that the investment strategy utilized for the customer’s account functioned similarly to an insurance contract; and that the strategy took advantage of the difference between realized and implied volatility.
Buchsbaum is also the subject of a customer initiated investment related arbitration claim where the customer sought $1,000,000.00 in damages based upon accusations of the customer being induced into acquiescing to an investment strategy by way of Buchsbaum’s false or misleading statements; and trades being executed in excessive amounts between 2017 and 2019. FINRA Arbitration No. 19-00484 (Mar. 8, 2019). Another customer filed an initiated investment related arbitration claim involving Buchsbaum’s conduct in which the customer requested $2,000,000.00 in damages supported by allegations of false or misleading statements being made to the customer about an options overlay strategy; inappropriate investment transactions; and poor recommendations concerning the use of an options strategy because it failed to align with the customer’s needs, tolerance for risk or investment circumstances. FINRA Arbitration No. 19-01277 (May 8, 2019).
In addition, Buchsbaum is the subject of a customer initiated investment related arbitration claim where the customer sought $1,000,000.00 in damages founded on accusations that between 2016 and 2019, false information was provided to the customer concerning the terms and conditions of investing; and unsuitable investments had been selected for the customer’s account. FINRA Arbitration No. 19-01600 (June 10, 2019). Four more customer initiated investment related disputes involving Buchsbaum’s conduct were filed between June 12, 2019 and August 22, 2019 wherein customers collectively sought $5,995,000.00 in damages based upon allegations of bad advice and misrepresentations concerning the purchase and retention of options as part of a strategy implemented by Buchsbaum when employed by UBS Financial Services.
Buchsbaum has been registered with UBS Financial Services since November 20, 2015.
