MICHAEL ANTHONY GIACONE is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 1251 AVE OF THE AMERICAS, 2ND FLOOR, NEW YORK, NY, 10020.
MICHAEL ANTHONY GIACONE has worked at UBS FINANCIAL SERVICES INC. since January 09, 2009
Disclosure History
MICHAEL ANTHONY GIACONE has 2 Disclosure Event(s).
Date: May 19, 2009 Category: Customer Dispute Allegations: CLIENT ALLEGES HER MUTUAL FUND LOSSES WERE DUE TO THEFT AND INVESTMENT FRAUD. CLIENT ALLEGES SHE WAS GIVEN FALSE INFORMATION AND HER MONTHLY STATEMENTS WERE ALTERED TO COVER THE FACT THAT MONEY WAS STOLEN FROM HER ACCOUNT. DATES RANGE FROM MARCH 2006 UNTIL MARCH 2009. Damage Amount Requested: $84,194.11 Broker Comment: I DENY THE ALLEGATIONS CONTAINED IN THE CLIENT'S STATEMENT AS THEY ARE TOTALLY BASELESS. THE LOSSES IN HER ACCOUNT ARE NOT DUE TO THEFT, RATHER DUE TO MARKET DECLINES ON LONG TERM HOLDINGS. ADDITIONALLY, THE ALLEGED LOSSES WERE NOT A LOSS ON THE INITIAL INVESTMENT, RATHER ON THE SIGNIFICANT UNREALIZED GAINS IN HER ACCOUNT. IT IS IMPORTANT TO NOTE WE HAD RECOMMENDED VARIOUS ASSET ALLOCATION CHANGES DURING THE COURSE OF OUR RELATIONSHIP WITH HER, ALL OF WHICH WERE DECLINED BY THE CLIENT. LASTLY THE STATEMENTS SHE RECEIVED WERE NOT SENT BY THE FA DIRECTLY AND REFLECT THE FIRM'S OFFICIAL RECORD OF HER ACCOUNT.
Date: December 21, 2001 Category: Customer Dispute Allegations: BREACH OF FIDUCIARY DUTY. Damage Amount Requested: $996,000.00 Settlement Amount: $530,000.00 Broker Comment: THIS SETTLEMENT WAS REACHED BY THE FIRM IN ORDER TO AVOID LEGAL EXPENSES AND OVER MY OBJECTION. I DID NOTHING WRONG AND WANTED TO APPEAR BEFORE THE ARBITRATORS SO I COULD PROVE THAT THE CLAIM IS FALSE. THE CLIENT MADE ALL OF THE INVESTMENT DECISIONS AND ONLY COMPLAINED AFTER LOSSES OCCURRED AS A RESULT OF TRADES HE ORDERED. PROOF THAT I DID ACT PROPERLY IN THIS SITUATION IS THE FACT THAT THE FIRM DID NOT ASK ME TO PAY ANY PART OF THE SETTLEMENT EXPENSE.
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