Suing UBS for Puerto Rico Bond Fund Fraud
The Financial Industry Regulatory Authority (FINRA) recently announced that more fines need to be paid out in the Puerto Rican bond fund fraud. Allegedly, some financial institutions failed to properly supervise their employees trading bonds in Puerto Rico and downplayed the risk associated with the bonds. According to the Wall Street Journal, FINRA fined a unit of Spain’s Banco Santander $2 million for its part in the municipal bond sales, and the unit has agreed to pay $4.3 million in restitution to customers who lost money. This comes after the U.S. Securities and Exchange Commission (SEC) announced that FINRA reached an agreement with UBS Financial Services Inc. of Puerto Rico (UBSPR) to pay $34 million for failing to supervise a broker whose customers invested in mutual funds with money that was borrowed from a UBSPR-affiliated bank. In June, FINRA ordered UBS to pay $1 million to a Puerto Rican retiree, whose broker recommended he invest in the funds, even though they were not suitable for him.
If you invested in Puerto Rican bond funds, please call us at 312-332-4200. We are securities attorneys who represent dozens of investors who invested in the Puerto Rican bond funds and lost money. The call is free with no obligation. We are securities attorneys who help investors recover their money losses by suing UBS in the FINRA arbitration forum. Please call as soon as possible because time is of the essence with these types of cases. We take cases on a contingency fee basis only, so we only get paid if you recover money.
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