Post by Investor Claims

Selling away is one of the more serious violations in securities law, and it sits at the center of allegations now surrounding UBS Financial advisor Daniel Merithew Allen. When a registered representative recommends investments outside their firm's approved product list, they may be violating rules designed to protect investors. Allen, registered with UBS Financial in Palm Beach Gardens, Florida, allegedly steered client funds into 99 Acquisition Group LLC, an entity led by Hiren Patel and not approved for sale by UBS. The legal significance extends beyond the individual advisor. FINRA rules place supervisory obligations on brokerage firms, and a firm's failure to detect unauthorized outside business activity can open a direct path for investors to pursue recovery through arbitration. UBS Financial's conduct in monitoring Allen may be as legally relevant as Allen's alleged actions. Meyer Wilson Werning is investigating allegations connected to 99 Acquisition Group LLC and UBS Financial. Full breakdown in the blog below. #InvestorProtection #SellingAway #SecuritiesLaw