Last Updated: February 2024 (Beaumont, Texas)
Mike Persia Investigation Summary
Here’s what you need to know about Beaumont, TX, stockbroker Mike Persia:
- Name: Mr. Michael Persia
- Current Employer: UBS Financial Services
- Previous Firms: Merrill Lynch Pierce Fenner & Smith
- Function: Stock Broker/ Financial Advisor
- Aliases: Mike Persia
- Primary Location: Beaumont, Texas
- CRD 712234
- Can Mike Persia be sued in FINRA arbitration: Yes
- Sanctioned by FINRA: No
- Customer made claim for losses on Yield Enhancement Strategy (YES) that was denied by firm: Yes
Discuss your case with experienced investment fraud lawyer Bob Rex at (877) 224-3199 for a free consultation.
Did You Lose Money With Mike Persia As Your Stockbroker?
In 2/2023 a customer of UBS Financial made a complaint for losses of $900,000 alleging that Mike Persia made an unsuitable recommendation to invest in and hold an options overlay strategy. The complaint was withdrawn and apparently the customer has not pursued the matter further.
UBS Financial Services Yield Enhancement Strategy – An options overlay strategy targeting high net worth investors which promised an incremental yield on the investor’s portfolio. Investors were led to believe the YES Program was an Iron Corridor, a low risk options “overlay” strategy, however that was incorrect. Unlike an Iron Corridor, the UBS YES Program’s purchase (calls) and sale (puts) of options was not symmetrical. In addition, UBS bought put options which were further out of the money than the call options. If UBS customers had been apprised of the true risks of the YES Program, they would probably not have invested. Other investigations involving UBS Financial YES Strategy
Allegations of Broker Misconduct Against Mike Persia
A customer of Mike Persia has alleged the following wrongdoing in connection with the handling of customer accounts:
- Unsuitable Investment Recommendation to invest in an options overlay strategy
Firms Have a Duty to Supervise their Financial Advisors (FINRA Rules 3110 & 2090)
Brokers and their firms have a duty to comply with the FINRA suitability rule which requires that they have a reasonable basis to believe that a recommendation is suitable for the customer. FINRA Rule 2111- suitability
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Has Your Brokerage Firm “Denied” Your Claim for Damages Due to Stockbroker Malpractice?
It is quite common, as well as predictable, for brokerage firms to deny a customer’s complaint made directly to the company. Firms know that in many, if not most, instances telling the customer “we don’t think it’s our fault” will be an end to the problem. In other words, it’s generally a waste of your time to sit down with the office manager & the broker.
Firms seldom, if ever, offer any resolution when a customer deals directly with them, or if they do, will attempt to have you settle your case for a fraction of what it is actually worth.
We suggest that if you think there is a problem with the way your account has been handled, or if you have had your claim “denied”, talk to an experienced securities attorney.
Recover Your Investment Losses Now With Rex Securities Law
If you have suffered investment losses in an account handled by Mike Persia, contact us for a complimentary consultation with an experienced securities lawyer to learn how you may be able to recover damages through FINRA arbitration.
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Bob Rex provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
