Stephen Frederick Owen III, of Annapolis, Maryland, a stockbroker currently registered with UBS Financial Services Inc., has been named in a customer initiated investment related arbitration claim on January 12, 2017, in which the customer requested $650,000.00 in damages based upon allegations that from 2015 to 2017, Owen overconcentrated the customer’s investment portfolio in speculative and unsuitable options and equity products.
Financial Industry Regulatorily Authority (FINRA) Public Disclosure reveals that Owen has been identified in four additional customer initiated investment related disputes containing allegations of Owen’s misconduct while employed with Wachovia Securities, LLC and Wells Fargo Advisors, LLC. In particular, on June 2, 2008, a customer filed an investment related complaint involving Owen’s conduct, in which the customer requested $5,001.00 in damages based upon allegations that Owen effected an unsuitable switch of the customer’s variable annuity issued by Guardian to a variable annuity issued by ING. Additionally, the customer alleged that the customer’s proceeds were deposited by Owen into an annuity issued by ING instead of an annuity issued via Transamerica, and Owen effected a purchase in Nuveen High Yield Municipal Bond Fund rather than Retail Lottery CMO Securities.
Further, on April 2, 2009, a customer initiated investment related arbitration claim regarding Owen’s activities was resolved for $10,000.00 in damages based upon allegations that Owen effected unsuitable transactions in the customer’s account concerning First Trust Strategic High Income Fund II. On January 5, 2010, another customer initiated investment related written complaint involving Owen’s conduct was settled for $20,000.00 in damages based upon allegations that Owen made misrepresentations to the customer concerning a variable annuity. Similarly, on April 22, 2010, a customer initiated investment related complaint regarding Owen’s activities was resolved for $18,130.00 in damages based upon allegations that Owen misrepresented the value of a variable annuity.
Guiliano Law Group
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