Our UBS Fund Fraud Victim Profiled In Investment News…

This week, Investment News profiled a client of our with a FINRA arbitration claims pending against UBS AG.  The claim involves allegations of unsuitable investment recommendations, fraud and misrepresentation and omissions. The client, Manuel Gonzalez Martinez, lost his job in 2009 as a mechanical engineer for Hewlett-Packard in Puerto Rico.  He proceeded to roll over $150,000 from a 401(k) and a lump-sum pension payment to an IRA with UBS AG.  As noted in the article, his broker, Luis Roberto Fernandez Diaz, recommended Puerto Rico municipal bond funds with a 3% upfront sales fee and 1% annual expenses.  The broker has 17 customer disputes between 2009 through 2014.  As we alleged in the FINRA lawsuit, investing an IRA in municipal bonds is grossly inappropriate because their main advantage is tax avoidance, something that is already a feature of an IRA.   Even more devastating, the bonds plunged in value and are now worth only $90,000.  The entire article can be viewed at the link below. We continue to sue UBS, Merrill Lynch and Banco Popular for investment losses in mutual funds concatenated in Puerto Rican debt.


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