“Should I Put My Puerto Rico Bond Fund Complaint In Writing To UBS”?

We’ve been asked by UBS clients in Puerto Rico who were recommended the firm’s proprietary bond funds like the Puerto Rico Fixed Income Funds whether they should put their complaint in writing to UBS before suing the firm in FIRNA arbitration. Often in these types of cases, brokerage firms will ask the client to put their complaint in writing and describe what the financial advisor told the client before recommending the fund.

In the UBS Puerto Rico municipal bond fund implosion, we are strongly recommending burned investors do NOT do that.  Unfortunately, often brokerage firms request this information because they want to lock clients into a story as to what happened early.  In writing a complaint letter a UBS client may leave out information he doesn’t think is important or make an admissions about something that may not seem crucial.  But unfortunately it’s been our experience in handling close to 1000 FINRA arbitration that brokerage firms almost always reject clients complaint letter and firms like UBS will argue “you got the prospectus” or “you are a sophisticated client.”

After the complaint is rejected, the brokerage firm then has the client locked into an incomplete version of what transpired and the brokerage firm will use this complaint letter when answering the FINRA Statement of Claim filed by the investor and his lawyer.  Admissions or omissions the client might not think are important at the time he writes the complaint letter will be used by UBS to attempt to convince the FINRA arbitrators securities fraud didn’t take place.  Unfortunately we have seen this pattern in dozens of FINRA claims and lawsuits over the years.

We therefore strongly recommend clients burned in the UBS Puerto Rico funds do not send in a complaint letter to the firm without talking to a securities lawyer first.  These letters often do a great deal of damage to the investors’ FINRA claims (once the firm rejects it) and the odds of UBS returning client losses to them in the funds are infinitesimally small.

To learn how to sue UBS for fraud, unsuitable investment recommendations and other related securities fraud claims related to municipal bond funds, please call our law firm for a no cost, no obligation review by an attorney or visit www.InvestmentFraud.PRO

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