UBS Financial Services Inc. is now offering to buy back shares at 'net asset value' of the Puerto Rico Bond Funds. However, investors who have lost much of their investments in this fund, are wondering if this is just a public relations ploy. Instead, many of these investors who have lost 16% or more, in 2013, are now considering litigation.
In 2003, the Puerto Rico Fixed Income Fund, sold at $10 each. In November 2013, according to Bloomberg, the UBS shares had a net asset value of $3.65.
Given the size of the Puerto Rican municipal debt and the fragility of the economy, the risks of this product may not have been communicated by brokers/financial advisors in a proper way to their clients. UBS in 2012, paid a whopping $1.5 billon to settle claims that brokers and managers had manipulated global benchmark interest rates. Also in 2012, UBS paid a $26.6 million settlement following accusations by the SEC that UBS and two of their executives in Puerto Rico made misleading statements to investors. In 2012, a UBS former broker was sentenced to seven years in prison on a fraud conviction.
Soreide Law Group, and attorney Lars Soreide, are actively filing cases against UBS and their brokers for losses sustained by Puerto Rican bond investments. Call (888) 760-6552 if you invested in Puerto Rico Bond Funds.
Zachary Cuyler Green, also known as Zach Green (CRD: 5714566), is a securities broker based in Raleigh, North Carolina. A client has claimed investment losses in a complaint involving Green, according to Financial Industry Regulatory Authority (FINRA) BrokerCheck. Green worked with Merit Financial Advisors since May 8, 2025, and Purshe Kaplan Sterling Investments since May […]
Adam T. Taff, also known as Adam Taff (CRD: 5933315), is a securities broker and financial advisor in Charlotte, North Carolina. He has been registered with MML Investors Services LLC as a broker since July 26, 2011, and as a financial advisor since November 30, 2012. Taff disclosed a client complaint involving alleged investment losses, […]
Investors might have sustained losses due to securities broker Donald Paul Robbins [CRD: 4364668, Waxhaw, North Carolina], according to disclosures on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Evidently, Robbins has been registered with MML Investors Services LLC as a broker since April 8, 2016, and as a financial advisor since April 12, 2016. Keep reading […]
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