Bruce Edward Orenstein of Weehawken, New Jersey, a stockbroker currently associated with UBS Financial Services, Inc., is the subject of a customer initiated investment related written complaint on October 18, 2017, where the customer requested more than $5,000.00 in damages supported by accusations that the customer was sold variable annuity products without having been informed of its surrender penalties and a six-year renewal.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Orenstein has been referenced in two more customer disputes containing allegations of Orenstein’s misconduct while employed with Merrill Lynch, Pierce, Fenner & Smith Inc. Specifically, on November 4, 1999, a customer filed an investment related written complaint involving Orenstein’s conduct, alleging that Orenstein failed to gain the customer’s consent prior to effecting transactions, and churned the customer’s over-the-counter equity portfolio.
Thereafter, on January 18, 2000, a customer filed an investment related written complaint regarding Orenstein’s activities, accusing Orenstein of having executed over-the-counter equity and mutual fund trades in the customers’ accounts without their authorization, and charging mark-ups and commissions in customers’ accounts that were excessive.
Orenstein has also been censured and fined by National Association of Securities Dealers (NASD) based upon findings that he exercised discretion in customers’ securities accounts even though the customers never authorized his conduct and the firm never approved the accounts for discretionary trading. Letter of Acceptance, Waiver and Consent, No. C11000017 (Sept. 8, 2000).
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