Widower Sues UBS For Alleged Elder Financial Abuse By A Broker. Senior Investor Seeks Up to $5M in Damages After Texas Financial Advisor Allegedly Stole His Money
The Shepherd Smith Edwards and Kantas Elder Financial Exploitation Law Firm (investorlawyers.com) represents a disabled retiree in his seven-figure FINRA lawsuit requesting up to $5M in damages from UBS Financial Services. The claimant, an elderly widower, contends that UBS stockbroker Tracy Marie Longstreet stole from him for years.
This senior investor entrusted the broker-dealer and its registered representatives to keep his savings safe. Instead, Longstreet appears to have “groomed” him so she could misappropriate his money. This allegedly included gaining access to all of his records and accounts and creating new accounts so she could defraud him, as well as writing herself into his will. To do the latter, Longstreet purportedly arranged it so Kelly Fedak, who is either a relative or a friend, was designated a beneficiary.
There is a very clear industry rule that forbids financial advisors from becoming a beneficiary of a customer’s estate either without there being a prior family relationship or having to gain the firm’s approval following an extensive investigation. Fedak also was listed as a beneficiary of our client’s IRA with UBS.
Longstreet allegedly stole this investor’s money. As of the writing of this FINRA arbitration claim, our seasoned elder financial exploitation attorneys have identified at least $1M in theft going back to 2015. However, there is reason to believe that this broker fraud was going on long before then.
UBS should have known that Longstreet was committing elder financial abuse by a broker and allegedly turned a blind eye and let it happen. The broker-dealer knew that senior financial abuse, including by stockbrokers, remains a huge problem. It had an obligation to properly supervise its registered representative and our clients’ accounts to identify red flags indicating broker theft or fraud.
In his elder financial abuse lawsuit, this senior retiree is also claiming misrepresentations and omissions, negligence, gross negligence, failure to supervise, breach of fiduciary duty, and more.
Longstreet was a Houston, TX stockbroker for 23 years. She left UBS Financial Services in 2024 after 15 years with the firm. Before that she was a registered broker with Morgan Stanley, which is when she started working with this senior investor.
Contact Our Elder Financial Exploitation Law Firm Today
Older investors are especially vulnerable to becoming the victims of senior financial abuse. Often, this perpetrator is someone this person knows. Unfortunately, there are unscrupulous brokers who will seek to take advantage of an older retiree’s ailing health to steal their money.
Shepherd Smith Edwards and Kantas has helped many seniors to recover their losses from bad and negligent brokers. If you are an elderly person who suspects broker fraud, we can explore your legal options with you. If you are the loved one of an older investor who may be a victim of elder abuse by a financial advisor, we can help you assess whether your family member has grounds for a claim.
If we decide to work together, you can trust that you will receive quality securities representation and personalized attention. Call our Elder Financial Exploitation Law Firm at (800) 259-9010 today or contact us online.
**We care so much about elder financial exploitation that we have partnered with law firm McCulloch & Miller to offer estate planning and elder law services.