Update for Victims of Jose Ramirez
The U.S. Justice Department is investigating former UBS employee, Jose Ramirez, a financial adviser with the firm who was fired last year. Allegedly, Mr. Ramirez advised clients to take loans from UBS to buy funds from the bank underpinned by Puerto Rico debt securities that lost value, despite the terms of the loans barring their use to purchase securities, according to a Wall Street Journal article published Wednesday. There were claims filed previously against UBS and Mr. Ramirez, and Mr. Ramirez received a Wells Notice from the SEC in March, notifying him that there were civil charges against him that he had violated parts of the Exchange Act and the Securities Act. It was also alleged that a client gave Mr. Ramirez $250,000 to pay down a loan, which Ramirez instead used to purchase more funds. The Justice Department’s criminal inquiry is focused on “the practice of certain customers and a UBS financial adviser of using non-purpose loans to invest in closed-end fund securities in violation of their loan agreements.” Complaints and arbitrations stemming from Puerto Rico bond fund issues have led to claimed damages of more than $1.1 billion, according to UBS’ filing. If you lost money in Puerto Rico bond funds with Jose Ramirez, please call our securities law office to speak to one of our attorneys. We represent retail investors who have lost money in the Puerto Rican bond fund scheme. 312-332-4200.
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