UBS Puerto Rico Investment Losses & Recovery Options

UBS Financial Services was fined $750,000 by the Financial Industry Regulatory Authority (FINRA) over the misclassification of municipal bond interest payments. FINRA claimed that UBS paid out $1,165,000 in tax-free interest to 4,371 clients who held municipal bonds from July 2009 through December 2013. But UBS was actually short on the bonds, so the interest came from them directly and was taxable as ordinary income. The bank “agreed in principal with the IRS to make a payment to relieve its customers of the burden of filing amended tax returns and paying additional federal income tax.” If you invested money with UBS, you may be able to recover some of that money by suing them in the FINRA arbitration process. Please call our securities law offices based in Chicago, Illinois at 312-332-4200. The call is free with no obligation.

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