Monday, February 22, 2016

FINRA Panel Crushes UBS in Puerto Rico Case -

UBS is defending against hundreds of customer complaints and arbitration claims, collectively seeking $1.5 billion in damages, relating to its sale and promotion of Puerto Rican bonds and funds invested in those bonds.
Corcho Beach in Vieques island, Puerto Rico.

Having already paid over $280 million in settlements for their disaster in Puerto Rico, UBS has just been slammed by another FINRA arbitration panel, and have been ordered to pay an investor $1.4 million which included $249,000 in attorney's fees.

Puerto Rico bonds were sold to investors in Puerto Rico and in the States as safe and low-risk, tax free, investments. However, with poor economic conditions in Puerto Rico, the bonds were actually near junk levels.

While UBS is thought to be the largest broker-dealer promoting these bonds, other bond funds contain these bonds and may be the cause of significant losses for investors.

If you lost money in Puerto Rico bonds, or in your stock or bond portfolio, those losses may be recoverable. Call 212-509-6544 to speak to an experienced securities attorney at Sallah Astarita & Cox, LLC to discuss your claims and potential recovery on a contingency basis.

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