A FINRA arbitration panel issued an award last month to a client of Greco & Greco who had filed securities fraud, breach of fiduciary duty, negligence, unsuitability, and other legal claims against UBS related to its Yield Enhancement Strategy, also known as YES. The award totaled approximately $300,000.00 and included damages, attorney’s fees, and costs.
The attorney’s fees were awarded pursuant to the Washington D.C. Securities Act.
The YES strategy was a high-risk overlay strategy that allegedly was to “enhance” the yield in UBS customers’ accounts through the use of actively managed Iron Condors (an options strategy). Despite claims of limited risk, the strategy caused significant losses in customer accounts in 2018.
The award noted that “During the evidentiary hearing, Respondent did not pursue the expungement request on behalf of Unnamed Party Roderick von Lipsey.” Mr. von Lipsey’s Brokercheck report with FINRA discloses four customer complaints with regard to the YES strategy.
If you lost monies in the UBS YES strategy and wish to discuss your situation with an attorney at no charge, please contact Scott Greco at 703-821-2777 or at www.grecogrecolaw.com/contact . Greco & Greco, P.C. is a McLean, Virginia based law firm dedicated to protecting investors from wrongful and fraudulent acts of clients’ financial advisors and brokerage firms. Greco & Greco represents investors in FINRA arbitrations Nationwide.