Roger Wacker: $400 Million Tesla Complaint Against UBS Advisor

Los Angeles financial advisor Roger Wacker (CRD# 3265519) has received investor complaints alleging his recommendations led to damages in the millions of dollars. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with UBS Financial Services.

Mr. Wacker’s BrokerCheck report discloses two investor complaints. The most recent, filed in July 2022, alleged that an unsuitable Yield Enhancement Strategy was marketed as “a supposedly conservative strategy that would offer diversification along with stable incremental returns through low yield,” and that the strategy “was built on a false premise.” The complaint alleged damages of $2 million and was denied by the firm. 

In a statement on the complaint’s disclosure, Mr. Wacker stated that the claim was brought not against him but against UBS, and that he was listed as the claimant’s broker of record. “Moreover, I disagree that this customer was not informed of the risks of this investment,” he added. “He participated in, and profited from, a virtually identical strategy at a prior firm without complaint.  At UBS he specifically acknowledged and accepted the strategy’s risks in writing, and would not have been allowed to participate in the investment had he not done so. I believe this was a suitable recommendation, and that I treated this customer properly as I strive to do with all of my valued clients.”

A second investor complaint, filed in December 2021, alleged that as a representative of UBS Financial Services, Mr. Wacker made “unsuitable and risky investment strategy recommendations” involving “short selling and complex options trading of Tesla.” The pending complaint alleges damages of $400 million.

In a statement on the pending complaint’s disclosure, Mr. Wacker said that he is “not named as a defendant” in the complaint, but that he must report it because he was the investor’s financial advisor. “The allegations are absolutely false,” he added, describing the claimant as a wealthy and sophisticated investor. “I provided this customer with the same high quality service I provide all my clients. He chose his own investments, and is responsible for those that lost money equally as those that made him money. I look forward to being vindicated when these baseless claims are finally adjudicated.”.

According to the Financial Industry Regulatory Authority, Roger Wacker holds 23 years of securities industry experience. Based in Los Angeles, California, he has been a broker and an investment advisor with UBS Financial Services since 2015. His past registrations include Credit Suisse Securities, UBS, and Julius Baer Securities. His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 37 state licenses. (Information current as of August 27, 2022.)

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