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Founded in 1991, the Burish Group is headed by Andrew Burish, a 38-year veteran of the burish group the financial services industry. The firm has $4 billion in assets under management and employs 14 people. Andrew Burish has been recognized by Barron’s as one of the top 100 advisors in the US and by Forbes as the best broker in Wisconsin.
Andrew Burish
For over 38 years, Andrew Burish has been helping affluent individuals and families build their financial futures. He is the leader of a team of 14 advisors, managing $4 billion in client assets. Burish has been recognized as one of the top advisors in the country by Forbes and Barron’s.
According to a lawsuit filed by investors, Burish promoted short-selling Tesla shares, which caused more than $23 million in losses for investors. The Burish Group, which employs 14 financial advisors, has filed a suitability rule violation complaint with the Financial Industry Regulatory Authority (FINRA). In addition to promoting short-selling Tesla stock, the group has also recommended short-selling recommendations that bet on the stock’s future decline.
The Burish Group
Among the clients who have filed complaints against Burish include Dennis Hansen, who lost $16.5 million in Tesla stock. Hansen and his wife did not follow Burish’s recommendations and closed out their positions in the company. According to Burish’s BrokerCheck report, he has one client complaint filed against him in 2010. The complaint, which involved unsuitable recommendations of structured products in 2008, was settled for $1 million.
In 2018, Burish’s UBS brokerage firm terminated three employees. One of the individuals was a junior associate who failed to close a losing trade as ordered by senior compliance personnel, which resulted in a loss for investors. In addition, UBS implemented new restrictions on naked options trading in 2018.
The Burish brokerage has denied the allegations, but did not contribute to the settlement. The Burish brokerage had numerous customers who were involved in high-dollar projects. According to Burish, the client had requested a more aggressive investment portfolio. However, the company has been under scrutiny for several other issues related to options trading.
Burish founded the group in 1991
Andrew Burish is an investment management expert with over 38 years of experience. He began his career at UBS and is currently the managing director of one of the most successful UBS teams in the Midwest. He founded The Burish Group in 1991, and the company currently manages more than $4 billion in client assets. His team has been recognized by Barron’s and Forbes as one of the top financial advisers in Wisconsin and the US.
Burish is also an author and an editor of four books. He has published over 70 journal articles and contributed to more than 15 books. He served as chair of the American Cancer Society national board from 2004-2005 and currently sits on the board of BioCrossroads and Beacon Health System. He and his wife Pamela have two children and four grandchildren.
In early 2019, Tesla’s stock was trading at $60 a share. It has since risen to $720 by press time. He was rated one of the top 100 advisors in the country by Barron’s. Burish founded the group in 1991 and was ranked by Barron’s as one of the top advisors in the nation. A look at Burish’s BrokerCheck report shows that he has only one client complaint, a 2010 settlement for which he paid $1 million out of the $1.2 million requested. This complaint involves unsuitable recommendations for structured products in 2008.
Burish promotes short-selling of Tesla stock
In a lawsuit filed last month against UBS and a Madison, Wisconsin broker, a group of investors alleges that the broker made recommendations for short-selling Tesla shares. The investors, consisting of four couples and one individual, are seeking $23 million in damages and unspecified punitive damages. The complaint contends that UBS breached its fiduciary duties and failed to supervise its broker.
The Burish group has a history of short-selling. In the subprime mortgage crisis, Burry made millions of dollars betting against mortgage securities. His story was chronicled in Michael Lewis’ “The Big Short,” which was made into a movie. During a turbulent 2021 for Tesla, the company has reported a drop in sales in China in April and parts shortages in both China and the U.S. The firm has also been unable to meet its production targets in the U.S. and China, and the company is relying on environmental regulatory credits to meet regulations.
In 2017, Tesla’s shares were valued in the low $40s, but by the end of the year, they were valued at the low-six-figures. By the end of April 2021, their stock was valued at $709 per share. The shares have dropped almost 20 percent this year, but have soared more than sevenfold since then.
Burish’s team has been terminated for not closing out a losing trade
Andrew Burish is a 38-year industry veteran who started his career in 1984 at UBS and now heads his own team. His firm, The Burish Group, employs 14 people and manages more than $4 billion in client assets. The firm has come under fire for allegedly breaching its duty of care to clients and for not closing out a losing trade as required by senior compliance staff. The firm also failed to comply with regulations surrounding naked options trading, which led to restrictions on the firm’s trading practices.
The team’s failure to close out a losing trade prompted Hansen to file a formal complaint with UBS, but the bank denied his allegations. UBS denied the allegations and pointed to UBS’s ‘Snapshot’ report, which is maintained by state securities regulators. According to Hansen, he lost $16.5 million from his Tesla position despite the advice of Burish. The firm’s BrokerCheck report shows that Burish only has one client complaint from 2010 – one of which was settled for $1 million of the $1.2 million requested. That case was related to unsuitable recommendations of structured products in 2008.
