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 […]

Popular Securities, Inc. nka Popular Securities, LLC (CRD #8096, San Juan, Puerto Rico) was censured and fined $125,000 for alleged failure to establish, maintain, and enforce a supervisory system and procedures reasonably designed to identify and review concentrated securities purchases, including PR municipal bonds and PR closed-end funds. FINRA's findings stated that when the PR […]

Oriental Financial Services Corp. (CRD #29753, San Juan, Puerto Rico) was censured, fined $245,000 and must submit to FINRA a proposed methodology of how it will identify, review and remediate unsuitably concentrated Puerto Rico (PR) securities purchases. At a minimum, the methodology must include Oriental Financial Services Corp’s review of customers’ concentrated PR securities purchases […]