Matthew Stern Buchsbaum of New York, New York, a stockbroker currently registered with UBS Financial Services, is referenced in a customer initiated investment related class action complaint in which customers sought $1,200,000,000.00 in damages supported by accusations of the failure to disclose risks, conflicts of interest, and performance of Yield Enhancement Strategy (YES) between 2016 and 2021. Civil Action No. 1:21-cv-10361 (Dec. 10, 2021).
FINRA Public Disclosure shows that Buchsbaum has been identified in 28 more customer initiated investment related disputes regarding allegations of his activities while employed by securities broker dealers, including UBS Financial Services. On December 18, 2019, a customer filed an investment related arbitration claim regarding Buchsbaum’s conduct where the customer requested compensatory damages based upon accusations of misrepresentation and unsuitable recommendations in regard to the customer’s purchase and continued investment in an options overlay strategy when Buchsbaum was registered with UBS Financial Services. FINRA Arbitration No. 19-03569 (December 18, 2019).
On March 27, 2020, another customer filed an investment related arbitration claim concerning Buchsbaum’s activities in which the customer sought $1,600,000.00 in damages founded on allegations that an options overlay strategy had been misrepresented to the customer between 2017 and 2019 while Buchsbaum was employed by UBS Financial Services. FINRA Arbitration No. 20-00989. The claim alleges that the options strategy was not suitable and had resulted in damages.
On June 15, 2020, a customer filed an investment related arbitration claim involving Buchsbaum’s conduct where the customer requested $16,000,000.00 in damages supported by accusations including misrepresentation and unsuitable transactions relating to an options overlay strategy used for the customer’s UBS Financial Services account beginning in 2017. FINRA Arbitration No. 20-01878. This case was settled for $3.5 million.
Buchsbaum is also identified in a customer initiated investment related arbitration claim in which the customer sought $1,000,000.00 in damages based upon allegations of unsuitability and misrepresentation concerning the options overlay strategy for the customer’s account during the time that Buchsbaum was associated with UBS Financial Services. FINRA Arbitration No. 20-01873 (June 15, 2020). The claim alleges that Buchsbaum caused the customer damages by recommending that they keep committed to the strategy.
On September 28, 2020, another customer filed an investment related arbitration claim regarding Buchsbaum’s activities where the customer requested $600,000.00 in damages founded on accusations of a bad options overlay strategy between 2016 and 2019. FINRA Arbitration No. 20-02655. According to the claim, the strategy was unsuitable and misrepresented.
Buchsbaum is also the subject of a customer initiated investment related arbitration claim in which one customer was awarded $269,337.09 in compensatory damages, and the other was awarded $421,868.58 in compensatory damages, based on UBS Financial Services being found liable for sales practice violations. FINRA Arbitration No. 19-00721 (September 17, 2021). The Statement of Claim alleges negligent supervision, breach of contract, breach of fiduciary duty, and negligence concerning investments in the Yield Enhancement Strategy options program.
On October 12, 2021, another customer filed an investment related arbitration claim concerning Buchsbaum’s conduct where the customer sought $1,500,000.00 in damages supported by allegations of bad advice and a misrepresented options strategy by Buchsbaum at UBS Financial Services between 2016 and 2018. FINRA Arbitration No. 21-02574 (October 12, 2021).
Buchsbaum is also the subject of a customer initiated investment related arbitration claim in which the customer was awarded more than $2 million in total damages based on UBS Financial Services being found liable for the customer’s losses. FINRA Arbitration No. 20-00459 (February 3, 2022). The Statement of Claim alleges failure to supervise by UBS Financial Services and the violation of federal and Florida securities laws and FINRA regulations concerning the YES offering. The claim also contained accusations of breach of fiduciary duty, negligence, misrepresentation, breach of contract, and fraud.
Buchsbaum has been registered with UBS Financial Services as a stockbroker and investment adviser representative since November 20, 2015.
