Michael Patrick Roche of Grand Blanc Michigan a stockbroker currently employed by UBS Financial Services Inc. is referenced in a customer initiated investment related arbitration claim in which the customer requested up to $499,000.00 in damages founded on accusations that (1) misrepresentations had been made to the customer concerning a variable annuity and (2) annuity transactions were not suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02050 (June 4, 2018). The customer alleged the misconduct to have occurred in reference to the customer’s decision to use the proceeds from a pension plan to purchase a variable annuity.
FINRA Public Disclosure confirms that Roche has been identified in five additional customer initiated investment related disputes containing allegations of his misconduct during the time that he was associated with Merrill Lynch, Pierce, Fenner & Smith Incorporated and Thomson McKinnon Securities, Inc. For example, a customer initiated investment related complaint involving Roche’s conduct was resolved for $20,000.00 in damages supported by accusations of misrepresentation and suitability; the customer was apparently not provided adequate information about illiquidity associated with an investment in CRI Partnership.
On June 2, 1997, another customer initiated investment related complaint regarding Roche’s activities was settled to resolve allegations that risks of investments were not disclosed to the customer and a mutual fund purchase had been placed in the customer’s account without the customer’s authorization. Then, on November 14, 2000, a customer filed an investment related complaint involving Roche’s conduct where the customer sought $13,765.00 in damages founded on accusations that the customer was placed in unsuitable high yield bond funds.
On June 28, 2002, another customer initiated investment related complaint concerning Roche’s conduct was resolved for $4,700.00 in damages based upon allegations that a floating rate fund had been sold from the customer’s account and an equity fund was purchased on margin despite the customer never having authorized the transaction. Roche is also the subject of a customer initiated investment related written complaint on September 20, 2002 in which the customer alleged unauthorized trading of mutual funds.
FINRA Public Disclosure further confirms that Roche has been censured and fined $2,500.00 by National Association of Securities Dealers (NASD) according to an Order Accepting Offer of Settlement containing findings that Roche misrepresented himself to customers as being another representative; engaged in forgery; and engaged in unauthorized correspondence with customers. Case No. CHI-1285.
Roche has been associated with UBS Financial Services since July 1, 2005.
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