Jose Manuel Cornide Jr (CRD# 2785918) is currently facing complaints from investors who allege the UBS Broker made unsuitable recommendations and misrepresentations resulting in substantial financial losses.
Cornide is currently registered with and employed by UBS Financial Services Inc. in Coral Cables, Florida, and has been with UBS since 2004. He was previously registered with Goldman, Sachs & Co in New York.
According to FINRA’s online BrokerCheck tool, Cornide has three pending customer disputes stemming from his time at UBS – specifically between the years of 2016 to 2019. All disputes allege unsuitable recommendations and misrepresentation:
- A customer complaint from July 2019 claims unsuitability and misrepresentation in regard to recommendations to invest in and hold an options overlay strategy.
- A customer complaint from June 2019 claims $1.2M in alleged damages as a result of unsuitable recommendations and misrepresentation regarding an options overlay strategy investment between August 2016 and the present.
- A third pending complaint against Cornide, filed in April 2019, alleges $10M in financial damages. Per FINRA records, the customer claims Cornide made unsuitable recommendations and misrepresentations to invest in and hold an options overlay strategy between June 2016 and January 2019.
Allegations against Cornide stem from UBS’ Yield Enhancement Strategy (YES) program. Broker-dealers like UBS create and market option-based trading strategies such as YES under the premise that they are low-risk, “market neutral” programs which will increase investors’ returns.
The reality, however, is that Yield Enhancement Strategies are high-risk programs, as profit opportunities are dependent on market stability – a scenario that’s simply impossible long-term. Though UBS and its brokers promoted high returns with minimal risks to investors who used its YES program, and its included Iron Condor options trading strategy, many clients instead suffered substantial investment losses. Similar complaints involving options overlay strategies have also been lodged against other UBS brokers, including Matthew Buchsbaum.
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