Alfred Gary Kovacs of Houston Texas is a stockbroker currently registered with UBS Financial Services Inc. who is the subject of a customer initiated investment related arbitration claim which was settled for $34,000.00 in damages founded on allegations that Kovacs over-concentrated the customer’s assets in oil and gas stocks between 2014 and 2016. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-00513 (Aug. 16, 2017).
FINRA Public Disclosure reveals that Kovacs has been identified in eight additional customer initiated investment related disputes that pertain to accusations of his violative conduct during the time that he was associated with UBS Financial Services Inc., Harris Webb & Garrison, Inc. and Raymond James & Associates, Inc. Specifically, on April 13, 1999, a customer filed an investment related written complaint involving Kovacs’ conduct in which the customer sought $300,000.00 in damages supported by allegations that Kovacs failed to abide by the customer’s instructions of executing an over-the-counter equities order.
On May 19, 2003, another customer initiated investment related written complaint regarding Kovacs’ activities was resolved for $13,000.00 in damages based upon accusations that Kovacs executed unsuitable transactions in the customer’s account and made guarantees to the customer concerning over-the-counter technology stock performance. Thereafter, a customer initiated investment related arbitration claim involving Kovacs’ conduct was settled for $25,000.00 in damages founded on allegations that Kovacs made unsuitable investment recommendations to the customer regarding structured products. FINRA Arbitration No. 09-04552 (Oct. 6, 2010).
On August 25, 2015, another customer filed an investment related written complaint concerning Kovacs’ conduct where the customer requested $59,000.00 in damages supported by accusations that Kovacs made faulty representations regarding the objectives of the customer’s investment portfolio. Subsequently, a customer initiated investment related arbitration claim pertaining to Kovacs’ activities was resolved for $875,000.00 in damages based upon allegations that Kovacs made unsuitable investment recommendations to the customer concerning a loan transaction, insurance policy and variable annuity, and effected transactions without authorization having been provided by the customer. FINRA Arbitration No. 14-03306 (June 14, 2016).
Moreover, a customer initiated investment related arbitration claim regarding Kovacs’ activities was resolved for $45,000.00 in damages founded on accusations that from 2012 to 2016, the customer’s investment account had been allocated in oil and gas products at unsuitable concentration levels. FINRA Arbitration No. 16-01941 (May 2, 2017). Then, a customer initiated investment related arbitration claim concerning Kovacs’ conduct was settled for $97,800.00 in damages supported by allegations of over-concentration of energy sector equities in the customer’s investment account. FINRA Arbitration No. 16-02280 (May 15, 2017).
Furthermore, a customer initiated investment related arbitration claim pertaining to Kovacs’ conduct was settled for $117,000.00 in damages based upon accusations that the customer’s assets were inappropriately concentrated in energy sector investments between 2007 and 2016. FINRA Arbitration No. 16-01731 (Nov. 29, 2017).
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