Joe Katzaroff, a seasoned financial advisor hailing from Irvine, California (CRD#1811119), has a lengthy record in the industry, but it has not been without controversy. A certified broker and investment adviser affiliated with UBS Financial Services, he holds Financial Industry Regulatory Authority accreditations. Despite his credentials, Mr. Katzaroff has faced scrutiny following claims by investors that his decisions led to substantial losses exceeding $1 million.
Recent disclosures from FINRA highlight several investor grievances against Mr. Katzaroff. Notably, a trustee from UBS Financial Services filed a complaint in June 2023, alleging that Mr. Katzaroff’s mismanagement of a portfolio during his tenure with the company led to losses of $1 million. The investor argues that discord between their investment goals and Mr. Katzaroff’s strategy was the culprit, raising questions about whether advisors exercised the necessary due diligence.
This isn’t the first time Mr. Katzaroff has faced such allegations. Back in 2016, a claimant accused him of executing unauthorized trades and failing to disclose the risks involved. While the financial damage wasn’t disclosed, it spurred queries about risk transparency from advisors. In response, Mr. Katzaroff denied any relationship with the client and any allegations of providing financial advice or trading on their behalf.
Mr. Katzaroff was embroiled in yet another case in 1999. The charges included breaching fiduciary duties, committing fraud, omitting crucial facts, and recommending an unsuitable investment in a mortgage company’s stocks while at Paine Webber. The case concluded with a settlement of $73,000. The same year, another investor accused him of pushing unsuitable investments and over-concentrating his account on Real Estate Investment Trusts (REITs). This case was settled for $110,000 in 2000.
An in-depth examination of these allegations and settlements raises significant questions. Can we fully trust our financial advisors? What level of vigilance should investors practice to safeguard their wealth?
Despite these accusations, Joe Katzaroff has maintained a 34-year career, predominantly as a broker with UBS Financial Services in Irvine, California, since 1988 and as an investment advisor since 1997. He also serves as a Managing Director with the Thompson Katzaroff Kottmeier Group and holds Series 7, Series 63, and Series 65 licenses, in addition to his 42 state licenses.
Haselkorn & Thibaut is a reputable firm committed to defending the rights of investors across the United States. If you or someone you know has experienced investment losses, they can assist with claims against investment firms and financial advisors. You can reach them for a free and confidential consultation at 1-800-856-3352.
