UBS Ordered to Pay $250,000 for Puerto Rican Bond Funds

The Financial Industry Regulatory Authority (FINRA) ordered UBS to pay $250,000 to two former clients regarding the sale of municipal bonds and closed-end funds in Puerto Rico. One of the clients, Mr. Ramis, had a portfolio with his UBS broker, Jose Ramirez Jr., that was overconcentrated in closed-end funds. UBS also allowed Mr. Ramis to put $1 million of a non-purpose loan into the closed-end fund. Typically, non-purpose loans are not used for investors to invest in securities. The Department of Justice is currently looking in to this practice. The Puerto Rican funds suffered massive losses in 2013 and many investors lost a significant amount of money. Mr. Ramis lost an alleged $650,000. In total, UBS claims damages sought by clients exceeds $1.1 billion. Mr. Ramirez has since been terminated from UBS and barred from the industry.

Stoltmann Law Offices represents investors from all over the country and Puerto Rico who invested money in UBS Puerto Rican bond funds. If you did so, or know someone who has, please call us in Chicago at 312-332-4200 to speak to an attorney about your options of suing UBS for investment losses. The call is free with no obligation. We take cases against UBS on a contingency fee basis only.

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