May 20, 2015

FINRA Orders UBS AG to Buy Back Investor's Puerto Rico Bond Fund for $1 Million

UBS AG was ordered by the Financial Industry Regulatory Authority (FINRA) to buy back an investor's Puerto Rico bond fund for $1 million. A San Juan FINRA arbitration panel found two UBS units liable to the 66+ year-old investor whose losses were $737,000 only four years after he opened his account in 2011. This FINRA ruling is one of the first involving the risky bonds. Also, on May 14th. a FINRA arbitration panel ordered UBS AG to pay an investor $200,000 for losses in the PR bond funds.

According to Rueters, some of the PR bond funds lost one-half to nearly two-thirds of their value between March 2011 and October 2013. This was due to fears about the size of Puerto Rico's debt and the weakness of its economy. The island has still not recovered.

UBS is defending against hundreds of arbitration claims filed with FINRA, seeking more than $900 million.

Securities attorney Lars Soreide of Soreide Law Group, is still actively filing cases against broker/dealers for investors who suffered substantial losses from Puerto Rican bond investments. Call (888) 760-6552, for a free consultation if you've invested in Puerto Rico Bond Funds.

UPDATE: Lance Slater Investigation

We are investigating claims against former UBS stock broker Lance Slater for the sale of Puerto Rican bonds to his clients in large concentrations. Several investors have contacted our firm alleging that UBS broker Lance Slater allocated over 50% of their retirement savings into many Puerto Rican bonds that are now in technical default. Lance E. Slater is no longer in the securities industry and has a long history of disciple. Mr. Slater has had 3 customer disputes against him and has been permanently barred by FINRA for failure to comply with a FINRA order.

 

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