UBS ordered to pay $2.9 million in another FINRA arbitration claim. The financial Industry Regulator authority (FINRA) awarded Ana Teresa Lopes-Gonzales and Andres Ricardo Gomez $2.4 million in damages and about $480,000 for attorneys fees.
According to Investment News, Gonzales and Gomez were part of a $10 million group claim Filed against UBS Financial Services of Puerto Rico. The claim alleged unsuitability and misinterpretations in connection to UBSPR’s closed-end funds. The other investors in the claim settled with UBS before the hearing.
Investment News reports that more than $1.1 billion in claims have been filed by investors in UBS’s Puerto Rico closed-end funds (including many by The White Law Group). Many of the claims allege UBS encouraged customers to purchase the risky closed end funds that invested heavily in securities issued by Puerto Rico. In some claims investors allege UBS advisers offered customers loans to invest in the funds.
The foregoing information, which is publicly available, is being provided by The White Law Group.
If you invested in a UBS Puerto Rico closed-end funds and would like to speak to a securities attorney about recovering your investment losses through a FINRA dispute resolution claim, please call The White Law Group at 888-637-5510 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at www.WhiteSecuritiesLaw.com.