ROBERT ANDREW DUNN is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INC. located at 299 PARK AVE, 26TH FLOOR, NEW YORK, NY, 10171.
ROBERT ANDREW DUNN has worked at UBS FINANCIAL SERVICES INC. since October 11, 2008
Disclosure History
ROBERT ANDREW DUNN has 3 Disclosure Event(s).
Date: October 29, 2008 Category: Customer Dispute Allegations: CLIENT ALLEGES, INTER ALIA, FINANCIAL ADVISOR MISMANAGED HIS ACCOUNT FROM 2007 UNTIL OCTOBER 13, 2008. DAMAGES ESRTIMATED TO BE OVER $5,000. Damage Amount Requested: $24,000,000.00 Settlement Amount: $6,500,000.00 Broker Comment: I DENY THAT THE ACCOUNT WAS MISMANAGED. THE CLIENT WAS A HIGHLY SOPHISTICATED INVESTOR WITH A NET WORTH IN EXCESS OF $70 MILLION. HE ENGAGED IN SOPHISTICATED OPTIONS TRANSACTIONS FOR OVER 5 YEARS AND CLAIMED TO HAVE OVER 20 YEARS OF EQUITY AND OPTIONS EXPERIENCE. THE CLIENT APPROVED ALL TRANSACTIONS VIA EMAIL AND VERBALLY. THE CLIENT'S ACCOUNT DECLINED DUE TO THE MARKET CRASH IN 2008 (BUT IT WOULD HAVE RECOVERED IN 2009 HAD THE CLIENT MAINTAINED THE TRADES). MY UNDERSTANDING IS THAT MORGAN STANLEY SETTLED FOR 3 REASONS: 1. TO AVOID THE UNCERTAINTY OF LITIGATION2. DUE TO POTENTIAL EXPOSURE OVER FAILURE TO SUPERVISE. DESPITE BEING AWARE OF THE CLIENT'S SOPHISTICATED TRADING FOR 5 YEARS NO SUPERVISOR EVER MET OR SPOKE TO THE CLIENT TO REVIEW THE CLIENT'S TRADING.3. POTENTIAL MISMANAGEMENT OF THE ACCOUNT AFTER I LEFT MORGAN STANLEY FOR MY NEW FIRM AND THAT THEY (MS) POSSIBLY PROVIDED INACCURATE ADVICE TO THE CLIENT REGARDING HIS POSITIONS.
Date: March 09, 2004 Category: Customer Dispute Allegations: ON FEBRUARY 29, 2004, THE CUSTOMER WROTE A LETTER ALLEGING UNSUITABILITY AND CHURNING FROM JUNE 1998 THROUGH LATE 2003. ALLEGED DAMAGES UNSPECIFIED. Broker Comment: MR. DUNN DENIES THE ALLEGATIONS AND ANY AND ALL WRONGDOING AND LIABILITY.
Date: March 13, 2003 Category: Customer Dispute Allegations: CLAIMANT ALLEGES VIOLATIONS OF STATE & FEDERAL SECURITIES LAWS, COMMON LAW AND SRO RULES IN CONNECTION WITH SECURITIES TRANSACTIONS. Damage Amount Requested: $4,700,000.00 Settlement Amount: $842,000.00 Broker Comment: TO AVOID COSTS AND UNCERTAINTY OF LITIGATION, MORGAN STANLEY AGREED TO SETTLE THE CASE, WITHOUT ADMITTING LIABILITY, BY PAYMENT OF $842,000 IN EXCHANGE FOR A GENERAL RELEASE.
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