May 1, 2021
This Week’s Top 5: UBS Faces Claim Over Big Tesla Short, Finra Puts L.A. Broker on Notice, and More
- Big Short: UBS, Top Broker Face $23 Million Claim over Tesla Trades
Andrew Burish, who helms a team overseeing more than $4 billion in client assets, repeatedly pushed a “disastrous, highly aggressive Tesla short selling strategy,” according to an arbitration complaint filed with Finra.
- Finra Puts Once Highly-Ranked Los Angeles Broker on Notice
Antoine Souma, a 20-year broker, made headlines previously when in 2019, J.P. Morgan agreed to pay $14 million to settle a dispute with one of his clients.
- Morgan Stanley, Veteran Broker Dinged $800k Over Amazon Short
Arbitrators awarded the claimant, an Israel-based company, far less than the roughly $15 million in compensatory and punitive damages it sought in the dispute over the allegedly unsuitable trades.
- RBC Scores $2 Billion-Asset Merrill Team in Chicago Suburbs
The eight-person team led by veteran wirehouse brokers Thomas A. Paulson, William “Tuck” Holman and Steven E. Gatto, left for RBC on Thursday.
- LPL Execs Bump Up Expectations and Timing for Waddell Deal
Among the 900 Waddell & Reed advisors, those serving 95% of client assets have committed to transferring to LPL, the executives said.