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…

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