Last month, former baseball all-star, Mike Sweeney sued UBS and Ralph Jackson, his former financial advisor. Sweeney is hoping to recover $7.6 million in lost savings. Sweeney claims that his UBS financial advisor mislead him into believing that the private equity investments were both safe and suitable. Sweeney alleges that he is an unsophisticated investor who trusted in the advice he had received from UBS.
According to the complaint, in a five year time period, UBS had invested $6.85 million of Sweeney’s portfolio in eleven risky private equity investments which resulted in a loss of $4.9 million. Sweeney also is accusing UBS of investing an additional $2.7 million of his savings into additional private equity investments without his knowledge or consent.
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