MADISON, Wis. — Madison-based financial advisor Andrew Burish and UBS were ordered last week to pay well over $90 million in compensatory and punitive damages after Burish allegedly recommended shorting Tesla stock.
A three-member arbitration panel with the Financial Industry Regulatory Authority found Burish liable for just over $2.5 million in compensatory damages and $500,000 in punitive damages to a group of nine claimants who alleged he recommended a high-risk strategy when it came to selling Tesla shares and also recommended they hold their positions when losses began piling up.
UBS was also found liable for over $23 million in compensatory damages and over $69 million in punitive damages because of the short…