Update on UBS Fraud In Puerto Rico: Suing UBS Puerto Rico
The press have recently started covering the financial mess in Puerto Rico that hundreds of UBS clients are facing. The New York Times did a story yesterday and exposed many of the abuses occurring from UBS clients and UBS related proprietary investment products see link below
Many UBS clients who purchased the firms Puerto Rico bonds are trying to figure out what to do about recovering investment losses, In these sorts of cases, investors often contact the brokerage firm directly. Usually, the brokerage firm like UBS is very accommodating…at first. The firm asks the client to simply “put their complaint in writing.” It is not uncommon for the brokerage firm to claim verbally it will compensate the client but it first needs to see documents related to the investments and to see a complaint letter from the client.
We usually recommend clients don’t do this.Contacting and dealing directly with the brokerage firm is usually a big mistake.Given the sheer number of claims that will likely be filed against UBS, we believe it is unlikely the firm will simply start compensating victims.Regardless of the conduct, it has been our experience that 97% of the time, the brokerage firm rejects the client’s written request for damages.
Such excuses are provided by the brokerage firm like “the client knew the investment was risky or employed leverage.” It is very rare for a brokerage firm to compensate a client without a lawyer.The firms will often drag the “investigation” of the client’s complaint for a long period of time, hoping the client trusts the brokerage firm’s representation that no conduct took place.Sometimes the delays by the brokerage firm are intentional in order to get the statute of limitations period to expire.
Often, clients do irreparable damage to their case when they speak to the brokerage firm’s lawyers or compliance department.
We encourage victims who purchased the UBS related funds below to contact an attorney and discuss legal options before contacting the brokerage firm. To learn more, please contact our law firm at 312.332.4200 or visit www.InvestmentFraud.PRO
Tax-Free Puerto Rico Fund, Inc.
Tax-Free Puerto Rico Fund II, Inc.
Tax-Free Puerto Rico Target Maturity Fund, Inc.
Puerto Rico AAA Portfolio Target Maturity Fund, Inc.
Puerto Rico AAA Portfolio Bond Fund, Inc.
Puerto Rico AAA Portfolio Bond Fund II, Inc.
Puerto Rico GNMA & U.S. Government Target Maturity Fund, Inc.
Puerto Rico Mortgage-Backed & U.S. Government Securities Fund, Inc.
Puerto Rico Fixed Income Fund, Inc.
Puerto Rico Fixed Income Fund II, Inc.
Puerto Rico Fixed Income Fund III, Inc.
Puerto Rico Fixed Income Fund IV, Inc.
Puerto Rico Fixed Income Fund V, InC
Puerto Rico Fixed Income Fund VI,
-Puerto Rico Short Term Investment Fund, Inc.
-Multi-Select Securities Puerto Rico Fund -UBS IRA Select Growth & Income Puerto Rico Fund
–Puerto Rico Investors Family of Funds (Co-managed with Popular Asset Management)
-Puerto Rico Investors Tax-Free Fund, Inc.
-Puerto Rico Investors Tax-Free Fund Inc. II
-Puerto Rico Investors Tax-Free Fund III, Inc.
-Puerto Rico Investors Tax-Free Fund IV, Inc.
-Puerto Rico Investors Tax-Free Fund V, Inc.
-Puerto Rico Investors Tax-Free Fund VI, Inc.
-Puerto Rico Tax-Free Target Maturity Fund, Inc.
-Puerto Rico Tax-Free Target Maturity Fund II, Inc.
-Puerto Rico Investors Bond Fund I
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (10 S. LaSalle, Suite 3500, CHICAGO, IL 60010, 312.332.4200). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state. PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.