William David Hobby of Atlanta, Georgia, a stockbroker formerly registered with UBS Financial Services Inc., is identified in a customer initiated investment related written complaint which was resolved for $229,000.00 on October 2, 2019, supported by allegations of the customer being placed into unsuitable over-the-counter equities when Hobby was employed by UBS Financial Services. According to the Complaint, the investments were volatile and risky, and Hobby overconcentrated the customer’s assets in 2018, resulting in damages.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Hobby has been identified in twenty four additional customer initiated investment related disputes regarding accusations of his wrongdoing while employed by Salomon Smith Barney, Citigroup Global Markets Inc., and UBS Financial Services.
On June 19, 2018, a customer initiated investment related complaint concerning Hobby’s conduct was settled for $350,000.00 in damages founded on allegations including excessive trading and unauthorized trading by Hobby between September of 2014 and February of 2017. FINRA Arbitration No. 18-00105. The claim alleges that Hobby made unsuitable recommendations to the customer regarding equities for the customer’s UBS Financial Services account.
Hobby is also the subject of a customer initiated investment related written complaint which was resolved for $80,000.00 on August 21, 2018, based upon accusations of unsuitability, as the transactions in the customer’s money manager account was inconsistent with the customer’s risk tolerance and investment objectives. The Complaint also alleges that the customer’s suitability profile had been changed without the customer’s consent.
On December 10, 2018, another customer initiated investment related complaint involving Hobby’s conduct was settled for $24,000.00 in damages supported by allegations of unsuitable over-the-counter equities between August of 2016 and October of 2018. According to the claim, the customer was inappropriately labeled as an aggressive investor while Hobby was associated with UBS Financial Services.
Another customer initiated investment related arbitration claim regarding Hobby’s activities was resolved for $130,000.00 in damages founded on accusations of misrepresentation by Hobby concerning the terms of energy and biotech investments. FINRA Arbitration No. 19-00935. According to the claim, between 2014 and 2018, Hobby allegedly engaged in discretionary trading in the customer’s UBS Financial Services account without having written authorization from the customer.
Hobby was registered with UBS Financial Services between June 15, 2012, and October 9, 2018.
