January 15, 2020 Comments Off on Juan E. Goytia Broker Investigation Blog, Current Investigations, Securities Fraud

Juan E. Goytia Broker Investigation

Juan E. Goytia Broker Investigation, featured by Top Securities Fraud Attorneys, The White Law Group

Financial Advisor Juan E. Goytia, UBS Financial Services in San Juan, PR 

Are you concerned about investments with Juan E. Goytia in San Juan, PR? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to public records on the Financial Industry Regulatory Authority’s website, Goytia was reportedly affiliated with UBS Financial Services in San Juan, PR for 16 years until 2018. He reportedly has 89 customer complaints, many involving Puerto Rico bonds, indicated on his broker report since 2011. Allegations include misrepresentation, suitability and over-concentration connected to the sales of UBS Puerto Rico Closed-End Bonds.

UBS, the leading broker-dealer in Puerto Rico, has been sued hundreds of times for allegedly concentrating its clients’ portfolios in its proprietary closed-end funds such as UBS Puerto Rico Fixed Income Fund. The UBS CEFs were reportedly the single largest source of revenue for UBS.

In October 2017, many UBS Closed-end funds suffered a significant loss of approximately 20%, decreasing from around $10 to the $1-$3 range as of mid-November.

FINRA reportedly censured and fined UBS-PR $7.5 million for failures related to suitability of transactions in Puerto Rico closed-end fund (CEF) shares. FINRA also reportedly ordered UBS-PR to pay approximately $11 million in restitution to 165 customers who suffered losses on their CEFs.

The brokerage firm allegedly failed to monitor the combination of leverage and concentration levels in customer accounts to ensure that the transactions were suitable given the customers’ risk objectives and profiles.

According to the Financial Industry Regulatory Authority (FINRA), UBS allegedly failed to implement a reasonably designed system to identify and prevent unsuitable transactions in light of the unique economy of the territory.

Investigating Potential Lawsuits

The White Law Group has handled a number of claims involving UBS Puerto Rico municipal bonds.

UBS Financial and all brokerage firms have a responsibility to adequately supervise their employees. They must ensure the necessary procedures and systems to detect misconduct. The White Law Group continues to investigate claims against UBS Puerto Rico on behalf of investors in closed-end funds such as UBS Puerto Rico Fixed Income Fund.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

If you are concerned about your investments with Juan E. Goytia and UBS Financial, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation. 

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

 

 

 

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