It was recently reported in the New York Times that UBS Puerto Rico is now investigating it's own brokers over the sales of leveraged bond funds. One such fund is the Tax Free Puerto Rico Fund II which has a leverage ratio of fifty-three percent. Recently, one broker was put on administrative leave for the recommending this fund to a client and suggesting he borrow money to invest in this fund.
A financial advisor of UBS Financial Services Inc. of Puerto Rico, David Lugo, is being investigated for alleged sales of proprietary municipal and leveraged bond funds, including the Tax Free Puerto Rico Fund II.
The Securities and Exchange Commission, SEC, issued a Cease-and-Desist Order in an Administrative Proceeding, on May 1, 2012, against UBS Puerto Rico. UBS Puerto Rico agreed to pay $26 million in disgorgement to settle charges that it sold allegedly mispriced closed end funds to investors.
Please see the most recent blog articles regarding Soreide Law Group and the lawsuits filed against UBS at:
https://www.securitieslawyer.com/securitieslawyerblog/?p=3907
https://www.securitieslawyer.com/securitieslawyerblog/?p=3903
If you purchased funds from UBS 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 you may be able to recover your investment losses. Soreide Law Group (https://www.securitieslawyer.com) is currently representing investors nationally and internationally against UBS.
Investors apparently complained about securities broker Devlin H. Dwyer. [CRD: 6634140, Atlanta, Georgia], based on public information on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Dwyer worked for Patrick Capital Markets LLC from November 22, 2016, to March 9, 2026. See below to find out more about the disclosures involving this securities broker. Patrick Capital Investor […]
Investors have reportedly disputed the sales practices of securities broker Jennifer Lasser Eilers (also known as Jennifer Ann Costello and Jennifer Ann Lasser) [CRD: 2410129, Niles, Illinois], according to disclosures located on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Jennifer Eilers worked for BMO Harris Financial Advisors Inc. from February 19, 2021, to March 24, 2021, […]
Investors potentially experienced sales practice violations by securities broker Gabriel D. Candea (also known as Gabe Candea) [CRD: 5531840, Santee, California], given the publicly available information found on Financial Industry Regulatory Authority (FINRA) BrokerCheck. Gabriel Candea worked for Emerson Equity LLC from January 14, 2022, to the present as a securities broker in Irvine, California, […]
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