UBS Complaint - UBS-Incompetent or Crooks
PENSACOLA, FLORIDA -- Back in 1999, I moved my life savings (approximately $180,000)under George Felt (UBS-Pain Webber in Pensacola, Fl) to invest. I requested long term growth and moderate risk. In addition, I specified that I was not wanting to play the stock market.
Within about a year, Felt's guidance had lost over a hundred grand. When I questioned him about the lose, his only response was that the market was just down. I couldn't sell the "crap" he had invested into because I would have taken a tremendous loss. So, I waited, and I waited.
By 2004 ( I believe), Felt had bailed UBS or been terminated. I don't really know. I suspect the latter, since his investment guidance for me "sucked."
By 2008, my investment plan with UBS was worth about 115 grand, and I had experienced enough professional advice. A new UBS "hot shot" ( dressed in a 500/dollar suite)wanted me to purchase an annuity from him. My wife and I told him tanks but no thanks and moved what was left into CDs in a local bank.
In my opinion, stay away from anything associated with UBS or George Felt. Neither will make you money.
It is my understanding that UBS investments have changed their name or sold that part of the business. Imagine that?