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 have reportedly disputed the sales practices of securities broker Jennifer Lasser Eilers (also known as Jennifer Ann Costello and Jennifer Ann Lasser) [CRD: 2410129, Niles, Illinois], according to disclosures located on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Jennifer Eilers worked for BMO Harris Financial Advisors Inc. from February 19, 2021, to March 24, 2021, […]
Investors potentially experienced sales practice violations by securities broker Gabriel D. Candea (also known as Gabe Candea) [CRD: 5531840, Santee, California], given the publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Gabriel Candea worked for Emerson Equity LLC from January 14, 2022, to the present as a securities broker in Irvine, California, […]
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