![]() ![]() The case pertained to unsuitable recommendations made in 2008 regarding structured products. It has $4 billion in assets under management and is staffed with 14 members on the team.īarron’s has counted Burish as one among the top 100 advisors in all of the US while he was ranked as the top broker in the state by Forbes.īurish has just one other complaint on his BrokerCheck record dating back to 2010. Who is Andrew Burish?īased in Madison, Wisconsin, Andrew Burish is a 38-year industry veteran who started his career with UBS in 1984 and currently leads one of the most profitable teams of UBS in the Midwest, the eponymous The Burish Group, founded in 1991. That being the stand taken by UBS, Hansen’s direct approaches to UBS through written complaints had, unsurprisingly, been met by denial of any wrongdoing. They claim that even at that stage they did it “against Burish’s advice.”Ĭlassifying them as ‘sophisticated investors’ with an understanding and tolerance of associated risks, a UBS spokesman said that “The claimants…had previously engaged in short-selling and were aware of the risks and potential rewards of this strategy,” and that “The claimants confirmed to UBS that they were willing to accept those risks.” Hansen and his wife finally covered their shorts in July 2020 and exited the positions they had taken in Tesla. In hindsight, a short-selling strategy in the stock was likely to come a-cropper. The per-share price, since then, has skyrocketed to $720. The claimants have argued that “His recommendation focused on his conviction that lots of money would be made because Tesla common stock was overvalued and certain to lose its value,” and that “No balanced view of the risk of loss was provided by Burish.”įor the record, the Tesla stock was trading at $60 in early 2019. Short-selling is a strategy that seeks to profit from a decline in the price of the stock being considered. The losses, and claim, arising from the short-selling of Tesla stock that Burish has been repeatedly promoting in 20. The other people in the family who lost money are their three children and their spouses.īoth Hansen and Simmons Perrine Moyer Bergman’s Cedar Rapids, Iowa-based lawyer Paul Gamez, who is representing the claimants, have not commented on the story. Hansen, along with his wife, lost the largest amount, $16.5 million. The family includes Dennis Hansen, the CEO and owner of a torque-convertor maker in New Hampton by the name of Precision and a manufacturer of automatic flushing systems for oil coolers and heat exchanges by the name of HotFlush, Inc., as gleaned from his LinkedIn profile. The claim specifies that the $23 million loss was incurred by a set of four couples who are part of an extended family and one other investor. Punitive damages and costs claimed apart from the $23 million are unspecified. In addition, UBS has been accused of failing to supervise its brokers. The U.S. has great brands, yes, but lots of companies in the European and Asian markets will get to those consumer today.An arbitration claim filed with the Financial Industry Regulatory Authority (FINRA) has asked for $23 million in damages and has accused brokerage firm UBS and its financial advisor Andrew Burish of violation of suitability guidelines of FINRA as well as breach of fiduciary duty. "They’re going to consume all the stuff over the next 50 years that we consumed over last 50 years. And also non-necessities, like alcohol, soda and tobacco. Two billion new consumers, and they’ll all need cell phones and cars and pharmaceuticals," he says. "There’s seven billion people in the planet today, and two billion more people coming by 2050. – Burish wants his clients to benefit from the consumption habits of the growing global middle class. With the world’s population expected to surge to 9.7 billion by 2050 – and with the lion’s share of that growth coming from outside of the U.S. It’s not just European dividend stocks that Burish is after. "If you had a more global portfolio, it was dramatically different." He says he helps them overcome this bias with a little bit of investor education. ![]() Burish acknowledges that many American investors have a temptation to focus on the "home team" and concentrate investments in U.S-based companies rather than those based overseas. ![]()
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