Meyer Wilson Werning is investigating allegations involving financial advisor Daniel Merithew Allen, a registered representative associated with UBS Financial in Palm Beach Gardens, Florida. Recent investor inquiries suggest that Allen may have recommended an investment in 99 Acquisition Group LLC, an entity led by Managing Director Hiren Patel. 99 Acquisition Group may not have been approved for sale by UBS, making Allen’s potential involvement violative of securities industry rules and regulations.
Our firm has received calls regarding these potential unapproved outside transactions, and we want to ensure investors understand their rights regarding a practice known as selling away.
If you or a family member experienced significant investment losses connected to recommendations by Daniel Merithew Allen or investments in 99 Acquisition Group LLC, Meyer Wilson Werning can help. Our team of experienced broker misconduct lawyers focuses on representing investors who have been misled by financial professionals or harmed by corporate actions. Contact us for a free and confidential consultation.
Meyer Wilson Werning’s investigation into Daniel Merithew Allen and 99 Acquisition Group LLC was recently covered by AP News. Founding partner David Meyer commented directly on the matter: “Brokerage firms like UBS Financial Services have a strict duty to supervise their advisors and prevent unapproved outside transactions. When that oversight fails, investors are left exposed, and our firm is here to help them understand their rights and pursue recovery.”
Allegations Involving Daniel Merithew Allen
Recent reports have brought attention to the conduct of UBS Financial advisor Daniel Merithew Allen (CRD#: 2981060). Allegations indicate that Allen may have steered client funds away from standard brokerage accounts and into 99 Acquisition Group LLC, a company managed by Hiren Patel. It is important to emphasize that these are allegations at this stage, and no formal findings of wrongdoing have been finalized against Daniel Merithew Allen regarding these specific claims.
Investors should be aware of the following details related to these reports:
- Broker involvement: Daniel Merithew Allen allegedly operated as a registered representative under the regulatory umbrella of UBS.
- External entity: The outside product in question is identified as 99 Acquisition Group LLC, led by Hiren Patel.
- Portfolio exclusion: The recommended investments were allegedly placed entirely outside of the official portfolios maintained at UBS.
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What Is “Selling Away”?
When a financial advisor solicits an investor to buy securities that are not approved, sponsored, or held by the advisor’s employing brokerage firm, it is a serious industry violation known as selling away. Brokerage firms like UBS Financial have a strict regulatory obligation to monitor and supervise their advisors to prevent this type of unauthorized activity. When selling away occurs, it often constitutes a form of investment fraud.
Key aspects of selling away include:
- Unapproved products: The broker promotes an investment that has not gone through the firm’s rigorous due diligence process.
- Lack of firm oversight: Because the investment is handled privately or externally, the brokerage firm cannot monitor the transaction for risk or compliance.
- Firm liability: If a brokerage firm fails to properly supervise its representative, the firm itself may be held legally and financially responsible for investor losses.
How Outside Investment Recommendations Impact Investors
When a broker bypasses their firm’s compliance department to pitch private placements or external entities like 99 Acquisition Group LLC, investors are often left exposed to severe financial vulnerabilities.
Investors who participate in unapproved outside investments may face unique challenges:
- Limited transparency: Private outside investments lack the public reporting requirements and standard disclosures of firm-approved assets.
- High risk of capital loss: Unauthorized products are frequently tied to speculative ventures or complex corporate structures that may ultimately unwind or liquidate.
- Supervisory failures: Under Financial Industry Regulatory Authority (FINRA) rules, a brokerage firm’s failure to detect a broker’s selling away activity can provide a direct path for investors to pursue recovery.
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What Investors Should Do Now
If you worked with Daniel Merithew Allen or invested capital into 99 Acquisition Group LLC outside of your official brokerage accounts, you should take several immediate steps to safeguard your interests:
- Preserve all communications: Retain all emails, text messages, notes, and physical documents involving Daniel Merithew Allen, Hiren Patel, or 99 Acquisition Group LLC.
- Audit your account statements: Review your official UBS portfolio statements to confirm whether any funds were transferred to outside entities or if the investment is missing from your formal records.
- Review investment documentation: Gather any private placement memoranda, subscription agreements, or operational updates issued by 99 Acquisition Group LLC.
- Consult a securities attorney: An experienced legal professional can evaluate your situation and determine whether your losses can be recovered, likely through a FINRA arbitration claim against the brokerage firm.
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How Meyer Wilson Werning Can Help
The experienced attorneys at Meyer Wilson Werning represent investors nationwide who have suffered losses due to broker misconduct, selling away, and investment fraud. With more than 75 years of combined experience and over $350 million recovered for clients over more than 26 years, the firm has the track record and resources to evaluate complex investment loss scenarios.
If you believe your investment in 99 Acquisition Group LLC was the result of an unauthorized or unsuitable recommendation by Daniel Merithew Allen, the legal team at Meyer Wilson Werning is available to help. Contact us today for a free and confidential consultation to determine if you have a path to financial recovery.
Frequently Asked Questions
What is selling away?
Selling away occurs when a financial advisor recommends or sells an investment product that is not officially approved or offered by their employing brokerage firm. This practice is a direct violation of industry regulations designed to protect investors from unvetted and highly speculative products.
What are the allegations against Daniel Merithew Allen?
The allegations suggest that UBS advisor Daniel Merithew Allen recommended an outside investment in 99 Acquisition Group LLC, an entity led by Hiren Patel, outside of a client’s official UBS portfolio. It is vital to note that these are unproven allegations and no formal determination of liability has been made.
Can UBS be held responsible if an advisor engages in selling away?
Yes. Under FINRA rules, brokerage firms have a strict duty to supervise all business activities of their registered representatives. If a firm fails to implement adequate supervisory systems to detect and prevent selling away, the firm may be held liable for the resulting investor losses through FINRA arbitration.
What should I do if I lost money in 99 Acquisition Group LLC?
You should preserve all records of your transactions and communications with Daniel Merithew Allen or Hiren Patel. Because these situations often involve complex regulatory issues, contacting a securities fraud attorney can help you evaluate your options for pursuing a recovery claim.
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