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November 30, 2016
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Blog, Current Investigations
UBS Loses Again on Puerto Rican Bonds UBS was dealt another blow from its sale of Puerto Rican bonds and closed-end funds by FINRA, who ordered the firm to pay over $700,000 to two elderly clients. As we’ve told you, UBS has been under fire in a number of FINRA arbitration cases from clients claiming …
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April 27, 2016
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Blog, Securities Fraud
The debt crisis in Puerto Rico continues to loom over the commonwealth. Although the island is a U.S. territory, it’s public corporations are not covered by U.S Bankruptcy code. With a $422 million debt payment due May 1 and another $2 billion due in July, the threat of default is nearing a very real
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September 2, 2015
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Blog, Securities Fraud
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
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May 22, 2015
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Blog, Securities Fraud
According to Investment News, a FINRA arbitration panel awarded $1 million to an investor whose portfolio was over-concentrated in UBS Puerto Rico closed-end bond funds. The 66 year-old conservative investor reportedly “lost $737,000 of his nearly $1 million portfolio when the value of UBS’ Puerto Rico
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January 2, 2015
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Blog, Securities Fraud
According to InvestmentNews, the beneficiaries of a trust are suing UBS for $4.5 million. The lawsuit alleges that UBS “acted against Ms. Carmona’s interests to keep the trust invested in closed-end funds, for which it earned management fees, underwriting fees, interest and commissions, according to the
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June 23, 2014
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Blog, Securities Fraud
According Bloomberg, “U.S. authorities in Puerto Rico are investigating allegations that a former UBS AG broker improperly advised clients to borrow money to make investments .” The broker was put on leave in October while UBS examined the loans. Following the review, the broker was terminated. Countless
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May 8, 2014
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Blog, Securities Fraud
News, another class action lawsuit was filed against UBS regarding the sale of Puerto Rico bond funds. However this is one of the first class actions to claim that UBS Ag’s wealth management group violated its fiduciary duty when selling proprietary products included in the UBS Puerto Rico Family of Funds. The
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November 26, 2013
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Blog, Securities Fraud
The outlook for UBS Puerto Rico bond investor’s continues to look bleak. The bond funds, which are ranked a step above “junk bonds” by many of the leading US investment rating agencies, continue to depreciate in value. According to Investment News, “The NAV for the $375 million Puerto Rico Fixed Income Fund
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