ATTENTION INVESTORS! Claims Against UBS Financial Services Broker ANGEL CANABAL

UBS Financial Services broker and supervisor Angel Manuel Canabal Sr. (CRD#: 2180310, Mayaguez, Puerto Rico), who has been registered with the firm since February 2, 1998, reported through Financial Industry Regulatory Authority (“FINRA”) BrokerCheck that at least 84 of his customers at UBS Financial Services complained about his sales practices. Here is a summary of those claims:

UBS Customer Brings February 26, 2019 Arbitration Concerning Angel Canabal’s Unsuitable Recommendations

A customer of UBS Financial Services, Inc. filed FINRA Arbitration #19-00590 on February 26, 2019. According to the customer, from 2012 to 2019, Angel Canabal made bad recommendations regarding the customer buying and holding Puerto Rico bonds. Supposedly, the customer’s investments in Puerto Rico bonds were not aligned to the customer’s risk tolerance. Furthermore, the customer claimed that Angel Canabal misrepresented the risks of the investments. As a result, the customer alleged $100,000.00 in damages in this ongoing customer dispute.

January 30, 2019 Arbitration Alleging Canabal’s Misrepresentation Of Puerto Rico Investments

A UBS Financial Services Inc. customer brought FINRA Arbitration #19-00347 on January 30, 2019. Mainly, the customer claimed that Angel Canabal was responsible for unsuitable investment recommendations that the advisor made to the customer. Supposedly, the customer’s assets were over-concentrated in the risky investments. In addition, the customer alleged misrepresentation regarding concentrations and risks of Puerto Rico Municipal Bonds and Puerto Rico Closed End Funds. Because of this, the customer demanded $190,000.00 in compensation. While this may be true, the claim is currently ongoing.

Customer Alleges Omissions, Misrepresentation In September 19, 2018 Arbitration Concerning Angel Canabal

FINRA Arbitration #18-03292 was filed by UBS Financial Services customers on September 19, 2018. Primarily, the customers claimed that Canabal omitted information about the customer’s investments. Apparently, those omissions led the customers to invest in risky municipal bonds and closed end funds, and in large concentrations. Moreover, the customers claimed that Canabal gave the customer false or misleading information about the investments. As a result, the customers alleged $1,100,000.00 in damages.

UBS Customer Brings Arbitration On January 5, 2018 Alleging Canabal’s Failure To Supervise

The broker reported that a UBS Financial Services customer brought FINRA Arbitration #17-02675 on January 5, 2018. Supposedly, the customer’s primary claim was that Canabal did not supervise the customer’s investment transactions. Apparently, Canabal was responsible for brokers that made bad recommendations which caused the customers serious losses. All things considered, on September 17, 2018, the firm agreed to pay the customer $550,000.00 to settle the matter.

March 9, 2017 Arbitration Concerning Angel Canabal’s Bad Advice, Misrepresentation

FINRA Arbitration #17-00590 dated March 9, 2017 concerned Angel Canabal’s sales practice violations in UBS Financial Services customers’ accounts from January 2013 to December 2016. Primarily, customers alleged that Angel Canabal unreasonably heavily invested the customer’s assets in risky bonds and closed end funds. Secondly, the customers claimed that Angel Canabal misrepresented the features and terms of a credit line. Evidently, UBS Financial Services chose not to litigate this matter. Instead, UBS Financial Services agreed on May 4, 2018 to settle it by paying the customers $400,000.00.

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