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Billions of dollars are being lost by investors in the UBS Puerto Rico closed-end municipal bonds.
In a recent article from the Wall Street Journal, they report that Puerto Rico is preparing a debt offer of $2 billion. Many feel that Puerto Rico is trying to prove that it is able to raise money for the debt offering. Investors are worried that the demand for Puerto Rican debt will soften, and reduce investor confidence in Puerto Rico.
If UBS is downgraded the fallout for debt holders in Puerto Rico will be serious. For the conservative investor hoping their money is in a safe place for retirement, may be shocked when the downgrades hit what they considered their 'safe' investments.
An example of what is happening to many conservative investors portfolios is written in an article titled, "UBS FACING LEGAL FIGHT OVER PUERTO RICO BOND FUNDS GONE SOUTH" by Bruce Kelly, of InvestmentNews, October 3rd, 2013. Securities attorney, Lars Soreide, of Soreide Law Group, PLLC, is quoted on the filing of a FINRA arbitration over the sale of UBS Puerto Rican Bonds:
"One plaintiff's attorney, Lars Soreide, said he filed a Financial Industry Regulatory Authority Inc. complaint against UBS Financial Services of Puerto Rico last week on behalf of a 70-year-old retiree whose portfolio of $500,000 was invested entirely in proprietary closed-end funds, along with individual municipal securities contained inside the funds she already owned.
She opened a line of credit with UBS that “she used to buy her home, and is now selling the portfolio to cover the equity line she took out,” said Mr. Soreide. “She relied on the income[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container][fusion_builder_container hundred_percent="yes" overflow="visible"][fusion_builder_row][fusion_builder_column type="1_1" layout="1_1" background_position="left top" background_color="" border_size="" border_color="" border_style="solid" spacing="yes" background_image="" background_repeat="no-repeat" padding_top="" padding_right="" padding_bottom="" padding_left="" margin_top="0px" margin_bottom="0px" class="" id="" animation_type="" animation_speed="0.3" animation_direction="left" hide_on_mobile="no" center_content="no" min_height="none" last="no" hover_type="none" link="" border_position="all"][fusion_text][from the municipal holdings] to pay for retirement, and UBS has been liquidating the holdings to pay interest on margin loans.”
If you purchased funds from UBS Financial Services Incorporated of Puerto Rico (https://www.securitieslawyer.com/ubspuertoricofundloss.html), or through UBS in the United States, please call (888) 760-6552 for a free consultation on how to recover your investment losses. Soreide Law Group is currently representing investors nationally and internationally against UBS.
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