Michael James Keane of Melville, New York, a stockbroker formerly registered with UBS Financial Services, Inc., is the subject of a customer initiated investment related complaint on October 2, 2017, where the customer sought $300,000.00 in damages supported by allegations that Keane failed to follow the customer’s instructions, and effected purchases of speculative master limited partnerships and energy stocks that were not suitable for the customer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Keane is the subject of eight more customer initiated investment related disputes containing allegations of his wrongdoing while employed with UBS Financial Services and Salomon Smith Barney. Specifically, an arbitration claim involving Keane’s conduct was settled for $235,000.00 in damages based upon accusations that Keane effected equities transactions in the customer’s account that were not suitable, and failed to effect a stop-loss strategy within the customer’s account. FINRA Arbitration No. 09-04242 (Feb. 11, 2010).
Afterward, on April 28, 2011, a customer filed an investment related written complaint involving Keane’s activities, in which the customer requested $18,207.00 in damages supported by allegations that Keane failed to abide by the customer’s instructions to sell equity positions from the customer’s account. Another customer initiated investment related arbitration claim regarding Keane’s conduct was resolved for $55,000.00 in damages based upon accusations that Keane made unsuitable stock recommendations to the customer, over-concentrating the customer’s investments in risky positions. FINRA Arbitration No. 13-00512 (Mar. 11, 2014).
Thereafter, on December 31, 2014, a customer filed an investment related written complaint regarding Keane’s activities, where the customer sought $86,000.00 in damages founded on allegations that Keane omitted facts and made misrepresentations concerning investments, while effecting securities purchases that were not suitable for the customer. Subsequently, a customer initiated investment related arbitration claim involving Keane’s conduct was settled for $25,000.00 in damages resting on allegations that from 2014 to 2015, energy stocks were recommended to the customer despite the failure of those investments to be suitable for the customer. FINRA Arbitration No. 15-00705 (Oct. 5, 2015).
Keane has also been subject of an arbitration claim, in which the customer requested $4,724,136.00 in damages based upon accusations of suitability and misrepresentation concerning business development companies, master limited partnerships and energy stocks effected in the customer’s account. FINRA Arbitration No. 16-03148 (Nov. 2, 2016). Furthermore, a customer initiated investment related arbitration claim regarding Keane’s activities was resolved for $37,500.00 in damages supported by allegations that between 2013 and 2016, Keane made inappropriate recommendations to customers concerning energy-related stocks, master limited partnerships and equipment leasing products, while misrepresenting risks pertaining to those products. FINRA Arbitration No. 16-01952 (Aug. 4, 2017).
As of March 28, 2016, Keane is no longer employed with UBS Financial Services Inc.
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