Puerto Rican Bond Losses Cost Puerto Rican Boxer Over $60 Million

Félix “Tito” Trinidad, a Puerto Rican boxing legend, is being pursued by creditors while he files a claim against the financial advisor who invested more than $60 million of his money in Puerto Rican government bonds. Felix Trinidad has filed with the Financial Industry Regulatory Authority (FINRA) claiming that his financial advisor, José “Pepe” Ramos, made the risky bond investments without his knowledge or consent. Ramos had denied any wrongdoing.

Ramos had denied any wrongdoing. He has been financial advisor to Trinidad since 2000. Ramos has been employed by many financial firms, Wells Fargo Advisors, UBS and Popular Securities. In the FINRA filing, Trinidad states that the majority of his losses were between 2000 and 2007, when Ramos began working with UBS Financial.

(Please see our many blog posting on UBS and Puerto Rican Bonds, and also https://www.securitieslawyer.com/ubspuertoricofundloss.html)

The FINRA claim states that Ramos put nearly all of Trinidad’s money into various portfolios filled with Puerto Rico’s bonds, which have taken a huge loss because of Puerto Rico's fiscal and economic crisis. Many investors who suffered losses on investments in UBS Puerto Rico, claim they felt pushed into this risky investment.

FINRA said that more than 160 cases tied to Puerto Rico bond funds have already been filed by investors, and it could easily go as high as 500.

Many Florida based attorneys, including Lars Soreide of Soreide Law Group, are working for investors and filing claims with FINRA for their clients. In an article titled, "UBS FACING LEGAL FIGHT OVER PUERTO RICO BOND FUNDS GONE SOUTH" by Bruce Kelly, of InvestmentNews, from 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_builder_container hundred_percent="yes" overflow="visible"][fusion_builder_row][fusion_builder_column type="1_1" background_position="left top" background_color="" border_size="" border_color="" border_style="solid" spacing="yes" background_image="" background_repeat="no-repeat" padding="" 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"][from the municipal holdings] to pay for retirement, and UBS has been liquidating the holdings to pay interest on margin loans.”

If you purchased Puerto Rico bonds and suffered losses, please call (888) 760-6552 for a free consultation on how to recover your investment. Soreide Law Group is currently representing investors nationally and internationally.

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