Customers Allege UBS Financial Services, Aishka Lugo Sold Unsuitable Funds

By: Soreide Law Group PLLC
TAMPA, Fla. - Oct. 22, 2018 - PRLog -- Aishka O. Lugo (CRD#: 4419998, Florida) has been a UBS Financial Services financial advisor since October 16, 2006. The Financial Industry Regulatory Authority ("FINRA") BrokerCheck profile for Lugo contains a total of seventeen disclosures relating to Lugo's alleged sales practice violations. Customers' claims, which are summarized below, mainly concern Lugo's alleged unsuitable investment recommendations.

1) On June 15, 2018, a UBS Financial Services customer brought FINRA Arbitration #18-01868. The customer contended that Lugo's investment advice was problematic in regard to Puerto Rico closed-end funds. Because of following the customer's investment recommendations, Lugo's account was over-concentrated in the speculative securities. Furthermore, Lugo was accused of misrepresenting information about the securities recommended to the customer. As a consequence, the customer has demanded a total of $4,000,000.00 in damages. The Arbitration is awaiting a resolution.

2) A customer of UBS Financial Services brought FINRA Arbitration #17-00603 on February 22, 2018. Allegations against Lugo include unsuitability with respect to the customer's Puerto Rico closed-end funds investments. According to the customer, Lugo's investment recommendations were inappropriate given the risks of the investments. Because of the alleged bad advice, the customer has requested $115,000.00 in damages in the pending matter.

3) Several UBS Financial Services customers filed FINRA Arbitration #16-02223 on August 4, 2016. Those customers contended that Lugo over-concentrated their investment accounts in inappropriate securities. Allegedly, Lugo also misrepresented closed-end funds that were held in the customer's investment account. On August 28, 2018, after reviewing the customer's allegations, UBS agreed to pay the customer $60,000.00 in damages.

4) On September 26, 2011, another UBS Financial Services customer contested Lugo's sales practices. According to the customer, Lugo misrepresented the terms and conditions of preferred stock investments. Because of the alleged misrepresentations, UBS consented to paying the customer $55,000.00 on December 10, 2012.

5) On June 25, 2010, a customer of UBS Financial Services filed a written complaint about Lugo. Lugo was alleged to have made false statements to the customer about investments. Also, the customer contended that Lugo omitted significant information concerning corporate debt investments. Moreover, the customer stated that Lugo made unauthorized trades in the customer's investment account. Due to the alleged misrepresentations, omissions and unauthorized trading, the customer requested compensatory damages. However, UBS Financial Services denied the customer's allegations on August 18, 2018.

Prior to working at UBS Financial Services, Lugo was employed with R-G Investments Corporation (2002 to 2006) and Salomon Smith Barney Inc. (2001 to 2002).

Investors who have incurred losses from UBS Financial Services financial advisor Aishka O. Lugo are encouraged to contact Soreide Law Group at (888) 760-6552 for a free consultation. Our firm has recovered millions of dollars for investors who have suffered losses. We represent clients on a contingency fee basis and advance all costs. Check us out at

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