$23 Million Claim Alleges Andrew Burish Promoted Short-selling Tesla Stock
A UBS financial advisor, Andrew Burish, and his team in Madison, Wisconsin, are reportedly facing a $23 million arbitration claim filed with FINRA, according to Advisor Hub. The complaint, brought by four related couples and another investor, alleges that Burish repeatedly promoted short-selling Tesla stock in 2019 and 2020 without adequately warning of the risks. The claim accuses UBS and Burish of breach of fiduciary duty, violating FINRA’s suitability rule, and UBS of failing to supervise Burish.
Andrew Burish is reportedly a 38-year industry veteran who leads The Burish Group, one of UBS’s largest teams. UBS reportedly argued that the claimants were sophisticated investors familiar with short-selling risks. The lead claimant and his wife lost $16.5 million before closing their Tesla short positions in July 2020 against Burish’s advice.
Burish has reportedly faced past complaints, including a 2010 case that settled for $1 million. His team has also reportedly been involved in other controversies related to options trading, including a 2018 case that led to UBS terminating a compliance officer and issuing new trading restrictions. UBS also purportedly lost an $11 million arbitration case tied to that situation, which is currently under appeal.
Broker Due Diligence
Broker dealers are required to perform adequate due diligence on any investment they recommend and to ensure that all recommendations are suitable for the investor. Firms that fail to do so may be held responsible for any losses in a FINRA arbitration claim.
How to Recover your Investment Losses
A brokerage firm’s duty to supervise its advisors is a fundamental obligation under federal securities laws and FINRA rules. This duty is designed to protect investors.
If an advisor makes unsuitable recommendations and the client loses money, the firm can be held liable due to inadequate supervision. Firms that fail to supervise their advisors, can be held responsible for investment losses in a Financial Industry Regulatory Authority (FINRA) lawsuit.
If you suffered losses investing with Andrew Burish and UBS Financial and would like a free consultation with a securities attorney, please call The White Law Group at 888-637-5510.
The White Law Group is a national securities arbitration, securities fraud, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
Last modified: March 3, 2025
