FINRA Panel Orders UBS to Pay Another $1 Million For Puerto Rico Bonds
The Financial Industry Regulatory Authority (FINRA) has ordered UBS Financial Services Inc. to pay an arbitration award of almost $1 million to an investor who invested in its closed-end bond funds. Ana Elisa Ciordia-Robles was awarded $751,000 in compensatory damages, plus interest, and $206,000 in attorneys’ fees and costs, according to the arbitration award announced on Friday. She claimed breach of fiduciary duty, negligent supervision and other allegations. Last year, UBS agreed to pay $34 million to settle allegations from U.S. regulators because of its lack of supervision of sales of the funds and a broker’s fraud. In 2014, claims tied to UBS Wealth Management Americas’ Puerto Rico closed-end bond municipal bond funds have risen to nearly $1 billion.
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