UBS AG released its third-quarter earnings report on Tuesday. UBS took a $20 million trading loss and $21 million in credit losses all related to loans that were backed by Puerto Rican municipal securities and related funds.
UBS Financial Services Inc. of Puerto Rico, (UBS PR) is the subject of arbitration by investors who say they were sold highly leveraged closed-end funds by the unit's registered representatives and brokers but then took major losses according to a recent article in the InvestmentNews.
UBS Puerto Rico funds consists of 14 closed-end funds sold through brokers with UBS Financial Services Inc. of Puerto Rico. UBS sold more than $10 billion of the closed-end funds through the end of 2012.
UBS Wealth Management Americas trading income dropped by 23% in the period to $94 million, but the brokerage had a $218 million pretax profit. The net income was down 11% from the second quarter, but up 32% from the third quarter of last year, because of interest, fees and commissions on client balances increased by strong market performance. Client balances at the wealth management firm now stand at $969 billion, including $2.1 billion in new assets from clients, lower than the $2.8 billion in the second quarter because recruited advisers brought smaller books of business.
If you purchased Puerto Rican bond funds from UBS please call Soreide Law Group at (888) 760-6552 for a free consultation.
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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