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.
Investors potentially experienced sales practice violations by securities broker Matthew R. Carbray [CRD: 4565811, Northampton, Massachusetts], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Carbray has worked for Kestra Investment Services LLC since July 21, 2006, and Kestra Advisory Services LLC since April 19, 2016. Continue reading to learn more about Carbray’s […]
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 […]
Phone:
Fax: 1-954-760-6553
Email: info@securitieslawyer.com