UBS in More Hot Water Over Puerto Rico Accounts
A UBS AG unit was ordered to pay more than $4.7 million to a customer’s former spouse who alleged that the bank improperly released accounts worth $12 million to her ex-husband even though the court ordered freezing those assets. David Efron was a Puerto Rico lawyer who withdrew all but $1.2 million over a nine-month period. Most of those funds were negotiable instruments that UBS was holding as collateral. When UBS released the accounts for Efron, he was in the middle of a divorce battle with his ex-wife. Around $800,000 of the remaining $1.2 million was used to repay a loan UBS made to Efron.
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