FINRA Award: UBS & Broker Michael J. Keane to pay $805,000

Claim Alleges Michael J. Keane guilty of fraud, misrepresentation

According to the Financial Industry Regulatory Authority (FINRA) website, a hearing panel has awarded a customer of UBS broker Michael J. Keane $805,120 in compensatory damages, plus interest.

According to the award, New York broker Keane, and UBS are jointly liable for the award.

From May 2008 to November 2015, Keane allegedly recommended an unsuitable investment strategy in energy stocks, master limited partnerships (MLPs) and business development companies (BDCs), and misrepresented the risks associated with the strategy, according to Keane’s FINRA BrokerCheck report.

Scott H. Feldman and the Scott H. & Janet J. Feldman Revocable Trust, the claimants, charged Keane and UBS with negligence, negligent misrepresentation, fraud by misrepresentation, fraudulent concealment, breach of fiduciary duty, unjust enrichment, breach of contract and breach of the duty of good faith and fair dealing.

According to his BrokerCheck report, Keane has been registered with UBS in Melville, NY from 2007 until March 2016. He has 9 customer complaints listed on his report since 2009. Allegations include recommending unsuitable, high-risk investments, and misrepresentation.

Keane, who is currently not registered as a broker, reportedly requested expungement of his CRD records, but the panel denied his request.

Failure to Supervise

The White Law Group is investigating potential claims involving the liability UBS may have for failing to properly supervise Michael J. Keane.

Brokerage firms have a legal responsibility to adequately supervise the business activities of their employees. If a broker engages in a scheme that misleads clients the brokerage firm that employs them may be liable for negligent supervision.

When brokers make unsuitable investment recommendations or squander client funds, the brokerage firm that employs them may be liable for failure to supervise and responsible for investment losses.

If you were a client of Michael J. Keane and UBS and suffered losses, The White Law Group may be able to help you by filing a FINRA arbitration claim. For a free consultation with a securities attorney call 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on The White Law Group, visit www.whitesecuritieslaw.com.