COLUMBUS, Ohio, June 24, 2026 (GLOBE NEWSWIRE) — Meyer Wilson Werning, a national investor protection law firm, is investigating allegations involving financial advisor Daniel Merithew Allen, a registered representative with UBS Financial Services in Palm Beach Gardens, Florida, who may have recommended an unapproved outside investment to clients connected to 99 Acquisition Group LLC.
Investor inquiries suggest Allen may have directed client funds into 99 Acquisition Group LLC, associated with Hiren Patel, CEO and Chairman of the affiliated Nasdaq-listed entity 99 Acquisition Group, Inc., outside of official UBS portfolios.
Because the investment may not have been approved for sale by UBS Financial Services, the alleged conduct could constitute “selling away,” a serious FINRA violation. The company dissolved in September 2024 after failing to complete a planned business combination.
“Brokerage firms like UBS Financial Services have a strict duty to supervise their advisors and prevent unapproved outside transactions,” said David Meyer, founding partner of Meyer Wilson Werning. “When that oversight fails, investors are left exposed, and our firm is here to help them understand their rights and pursue recovery.”
Selling away occurs when a broker recommends investments not approved by their employing firm, a direct violation of securities industry regulations. Under FINRA rules, brokerage firms may be held liable when supervisory obligations break down, giving affected investors a potential path to recovery through arbitration.
For a full analysis of the situation and guidance on investor rights, read the firm’s blog post: https://investorclaims.com/blog/daniel-allen-and-the-99-acquisition-group-liquidation/.
For more information, visit investorclaims.com.
About Meyer Wilson Werning
Meyer Wilson Werning is a national investor protection law firm dedicated to holding Wall Street accountable to Main Street. Since 1999, the firm has recovered over $350 million for investors and fraud victims harmed by broker misconduct, Ponzi schemes, elder exploitation, and crypto exchange failures. Led by founding partner David Meyer, PIABA Past President and author of the Amazon #1 Bestseller The Investor Protector, and principal Courtney Werning, incoming PIABA President, the firm handles FINRA arbitration, securities litigation, and class actions on a contingency fee basis. Visit investorclaims.com to learn more.
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