Mark Elias: Houston Advisor Lands Option Overlay Complaints

Several recent investor complaints allege that UBS Financial Services advisor Mark Elias (CRD# 2938707) misrepresented and recommended unsuitable investments. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Houston, Texas. 

Pending Complaints Allege 7-Figure Damages

According to his FINRA-maintained BrokerCheck report, a record of his history as a securities industry professional, he has been involved in three investor complaints. Two of these complaints currently remain pending. Filed in 2019 and 2022, the complaints allege that he misrepresented material facts related to an options overlay strategy that was unsuitable for the customers. The pending complaints cumulatively allege damages of $1.4 million.

2019 Complaint Led to $357K Award

A third complaint disclosed on Mr. Elias’s BrokerCheck report was filed in 2019. This complaint alleged fraud, misrepresentation, unsuitable options investment recommendations, and breach of contract by him and UBS Financial Services. The complaint evolved into an arbitration proceeding before a FINRA panel, which ordered UBS to pay damages to the customer of $357,831.22.

Elias Denies Allegations

Mr. Elias made statements defending himself against two of the complaints listed on his FINRA record. On the 2019 misrepresentation and suitability complaint that reached a settlement of $400,000, he wrote that he disagreed with and denied the allegation. “I am comfortable that this customer was treated fairly, the account was handled properly, and, as always, I acted in the best interests of the client at all times,” he added.

With regard to the 2019 complaint that resulted in an award of more than $357,000, he wrote that he “always acted properly and in the best interests” of the customer who filed the claim. “This client brought claims against my employer, not against me, alleging that the firm misrepresented the risks of a proprietary options overlay strategy,” he added. “It appears on my record solely because FINRA requires the reporting of arbitration claims on the record of the claimant’s broker of record. I was not a named party to the action, there was no award against me, I was not asked to contribute in any way to the award, and I have not been the subject of any disciplinary action by my employer or any regulator.” In conclusion, he stated that he maintains “a strong and respectful relationship” with the customer.

FINRA: Elias Currently Based in Houston

According to the Financial Industry Regulatory Authority, Mark Elias has spent 25 years working as a broker. Based in Houston, Texas, he has been a broker and an investment advisor with UBS Financial Services since 2003, having previously been registered with Morgan Stanley. More information about his record as a financial advisor is available via his BrokerCheck report. (Information current as of November 21, 2022.)

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