BRIAN THOMAS CAIN is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 200 PARK AVE, 18TH FLOOR, NEW YORK, NY, 10166.
BRIAN THOMAS CAIN has worked at UBS FINANCIAL SERVICES INC. since September 03, 1999
BRIAN THOMAS CAIN has 1 Disclosure Event(s).
Date: April 25, 2013 Category: Customer Dispute Allegations: CLAIMANTS ALLEGE IT WAS REPRESENTED TO THEM THEIR OPTIONS POSITIONS WOULD NOT BE LIQUIDATED IF FUNDS TO COVER A MARGIN DEBIT WERE TRANSFERRED BY AN AGREED DEADLINE. TIME FRAME: OCTOBER 2012 - JANUARY 2013. Damage Amount Requested: $875,000.00 Settlement Amount: $45,000.00 Broker Comment: I DENY ALL CLAIMANTS' ALLEGATIONS AND BELIEVE THEY ARE TOTALLY WITHOUT MERIT. THE CUSTOMERS' ACCOUNT WAS SUBJECT TO A MARGIN CALL AND WAS IN DEFICIT. PURSUANT TO APPLICABLE RULES, INVESTMENTS WERE REQUIRED TO BE LIQUIDATED TO SATISFY THE MARGIN CALL. THE CUSTOMERS WERE GIVEN SUFFICIENT NOTICE REGARDING THE POSSIBILITY OF MARGIN CALLS IN THEIR ACCOUNT AND HOW TO AVOID SUCH CALLS BY MAKING SURE SUFFICIENT FUNDS ARE IN THE MARGIN ACCOUNT. PURSUANT TO APPLICABLE RULES, MARGIN CALLS MUST BE SATISIFIED OR THE FIRM COULD BE IN VIOLATION OF THOSE MARGIN RULES. I DID NOT PROMISE OR GUARANTEE THAT POSITIONS IN THE CUSTOMERS' ACCOUNT WOULD NOT BE LIQUIDATED IF FUNDS WERE TRANSFERRED IN BY A PARTICULAR DEADLINE. FURTHER, WHILE THE CUSTOMERS INDICATED THAT THEY WOULD TRANSFER FUNDS IN TO REMEDY THE MARGIN CALL, THEY DID NOT DO SO. FINALLY, UNDER THE CUSTOMERS' MARGIN ACCOUNT AGREEMENT, THEY WERE SPECIFICALLY NOTIFIED THAT THE FIRM IS NOT REQUIRED TO GIVE ANY PRIOR NOTICE IF POSITIONS ARE LIQUIDATED AS THE RESULT OF A MARGIN CALL OR DEFICIT. I INTEND TO DEFEND THESE CLAIMS VIGOROUSLY AND, PURSUANT TO FINRA RULES, SEEK EXPUNGEMENT OF THESE FALSE ALLEGATIONS FROM MY PUBLIC RECORD.
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