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.
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Investors apparently complained about securities broker Juan Pablo Benavides [CRD: 4288007, Miami, Florida], given the public information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Benavides has worked for Merrill Lynch as a securities broker since November 22, 2000, and as a financial advisor since March 15, 2004. See below to find out more about […]
Investors potentially incurred losses because of securities broker Sandy Meyer Leff [CRD: 1796695, Atlanta, Georgia], according to information disclosed through Financial Industry Regulatory Authority (FINRA) BrokerCheck. Leff has worked for Carter Terry Company Inc. as a securities broker since October 6, 2016, and as a financial advisor since October 21, 2016. Keep reading to discover […]
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