September 13, 2019 Comments (0) Current Investigations

FINRA Award: UBS to Pay $555,000 for Losses

UBS & Bill Hightower Lawsuit, featured by Top Securities Fraud Attorneys, The White Law Group

UBS Lawsuit reportedly involves Bill Hightower

According to the Financial Industry Regulatory Authority (FINRA), a FINRA panel ordered UBS Financial Services Inc. to pay $555,000 to an elderly Texas widow for investment losses in her individual retirement accounts due to allegedly unsuitable investments.

The claimant alleged that William A. Hightower (Bill Hightower) sold her unsuitable private placement investments and a private annuity. The claimant further alleged that the investments, Isospec Technologies and Reproductive Research Technologies, were part of a Ponzi scheme.

As we told you last October, Hightower was reportedly indicted on thirteen counts of wire fraud, mail fraud and money laundering in Bellaire, Texas, according to the Department of Justice. Through his company, Hightower Capital, Hightower allegedly took money from clients from 2013 through 2018 promising to invest their money in various projects, such as restaurants, movies, insurance contracts, etc. In reality, he was purportedly conducting a Ponzi Scheme.

Hightower was reportedly registered with UBS in Houston, Texas from 2007 until 2013, according to his BrokerCheck report. FINRA reportedly barred him in October 2015 after an investigation into allegations that Hightower, while associated with a FINRA member firm, improperly referred customers to an “unapproved private securities transaction”.

Specifically, Hightower allegedly failed to provide, among other things, a list of any customers he referred to the private securities transaction. He reportedly has six customer complaints filed against him, according to his broker profile.

Recovery of Investment Losses

If you have suffered losses investing with Bill Hightower and UBS, the securities attorneys at The White Law Group may be able to help you. For a free consultation, please call the offices at 888-637-5510.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Texas. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

 

 

 

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