Lincoln, Nebraska Stockbroker Named In Multiple Six-Figure Options Overlay Claims
A Financial Industry Regulatory Authority (FINRA) arbitration panel has awarded two claimants over $1M in their UBS Yield Enhancement Strategy (YES) claim against respondent UBS Financial Services (UBS).
Their broker, Jason Mathew Dworak, was not a respondent in the customer dispute. However, according to the FINRA award, the panel did not grant the broker-dealer’s request that the case be expunged from his CRD records. Dworak also is named in other pending options overlay claims involving UBS YES.
Our UBS YES Strategy fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) are speaking to former customers of UBS broker Jason Dworak and other registered representatives who aggressively and unsuitably marketed this options overlay strategy to customers.
Already we have filed claims against this broker-dealer on behalf of investors to recover their losses. Contact us today.
Claimants Alleged Breach of Fiduciary Duty, Negligence
The claimants alleged professional negligence, breach of fiduciary duty, and violation of the Nebraska Securities Act related to the UBS Yield Enhancement Strategy program.
According to the FINRA award, one claimant will receive $727,458 in compensatory damage and the other will receive $316,784. UBS also will have to pay the investors interest at 4% per annum beginning December 20, 2019, which is around when the claim was filed, until the award has been fully paid.
What is the UBS YES Strategy?
The UBS Yield Enhancement Strategy program uses a complex options overlay strategy, which is also called the iron condor strategy. It can be easily influenced by market volatility, which is what happened in late 2018 when the CBOE Volatility Index hit its highest level in many years.
This caused many investors in this yield enhancement strategy to suffer significant losses that they didn’t know they were even at risk of sustaining. UBS brokers claimed that this was a “black swan” incident and investors could expect to recoup their losses within weeks. Instead, more losses have followed, including the financial devastation that occurred in 2020 when COVID-19 hit.
Many UBS YES Strategy investors have been fighting to recoup their investment losses, which is where SSEK Law Firm can help. We have found that many of the firm’s brokers may have misrepresented this program while also not fully apprising customers of the risks involved.
Other Options Overlay Customer Disputes Naming Jason Dworak
According to Dworak’s BrokerCheck record, the investment advisor has been named in four customer disputes, two of which are still pending. Investors have accused this broker of partaking in different types of securities fraud including unsuitability and misrepresentation.
- 3/2020: The claimant in this still pending customer case alleges unsuitably and misrepresentations and is requesting $750K in damages.
- 1/2020: Seeking $630K in damages, this investor is making similar allegations.
- 1/2020: Once again, a customer is alleging unsuitable recommendations and misrepresentations related to UBS’s options overlay strategy.
- 3/2003: This churning claim from when Dworak was a Morgan Stanley broker was denied.
Jason Dworak is currently a managing director and private wealth advisor at UBS’s Wealth Management division in Nebraska. He is both a registered broker and investment advisor and has been with UBS Financial Services since 2008. He has worked 27 years in the industry, including previously with US Bancorp Piper Jaffray.
Seasoned UBS YES Strategy Lawyers
Over the years, our investment fraud attorneys have pursued several claims against this broker-dealer, including over UBS YES, Puerto Rico bond fraud, and closed-end bond fraud claims. Call SSEK Law Firm at (800) 259-9010 today and receive a free case consultation.