Update for UBS Fraud Victims
Stoltmann Law Offices would like to update investors regarding the UBS Puerto Rico Bond Fund Fraud. UBS employees in Puerto Rico circumvented curbs on margin loans to generate revenue for the Zurich-based company. Registered UBS brokers offered clients loans secured by shares in the Puerto Rico Bond Funds that the company had already owned. In addition, UBS financial advisors took the proceeds of the loans and recommended investors purchase more of the bond funds with the loan proceeds. In addition some investors opened a line of credit to purchase additional shares of UBS Puerto Rico Bond Funds.
By opening lines of credit and disbursing UBS Bank loans to clients, the company violated loan procedures required by the Federal Deposit Insurance Corp., according to the SEC claim.
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.
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