According to The Bond Buyer online, former Puerto Rico UBS broker Jose Ramirez was found to have violated securities laws when he put his customers into Puerto Rico closed-end funds, according to a federal judge. The judge ruled April 30th that Ramirez committed fraud to warrant a partial summary judgment against him, according to information from the Securities and Exchange Commission (SEC). The SEC charged Ramirez in September 2015, alleging that he misled customers about the safety of the closed-end funds, and gave himself $2.8 million of that, while convincing the customers to use proceeds from lines of credit with UBS Bank to purchase shares in the Puerto Rican bond funds. Ramirez allegedly lied to his customers about this. When credit downgrades began happening on the island in 2013, Ramirez’s customers were subject to maintenance calls of over $37, much of which they could not pay. Ramirez had previously been a top-performing producer at UBS.
According to public, online records, Jose Gabriel Ramirez was previously registered with Painewebber, Prudential, UBS in San Juan, Puerto Rico from March 1997 until February 2014, and UBS in Guaynabo, Puerto Rico from March 1997 until February 2014. He has 75 disclosures against him, and has been permanently barred from the industry by the Financial Industry Regulatory Authority (FINRA).