Attorney Lars Soreide has filed a second FINRA arbitration this month against UBS of Puerto Rico for the sale of their proprietary bond fund the “Puerto Rico Fixed Income Fund IV”. This investment represented 100% of the investor’s life savings and UBS allegedly encouraged the investor to borrow money against his sole investment to purchase a home.
In May, 2012, UBS Financial Services Inc. of Puerto Rico settled with the SEC for $26.6 million over claims that it had been making misrepresentations and omissions of material facts to numerous retail customers in Puerto Rico regarding the secondary market liquidity and pricing of UBS PR-affiliated, non-exchange-traded closed-end funds. The announced settlement with the SEC was the first time that investors were given notice of the fraud. The settlement included the Puerto Rico Income Fund IV sold to the investor.
If you or a loved on purchased Puerto Rican bond funds from UBS please call Soreide Law Group at (888) 760-6552 for a free consultation. Representation is available on a contingency fee basis.
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 […]
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