$4.4 Million Puerto Rico Bond and Closed-End Funds Award Against UBS
SAN JUAN, PUERTO RICO – August 27, 2019 – (GLOBE NEWSWIRE – HISPANICIZE WIRE)) – An arbitration panel awarded a group of investors of UBS Financial Services, Inc. and UBS Financial Services, Inc. of Puerto Rico over $4.4M in their lawsuit against the brokerage firm for its sale of “Puerto Rico bonds and closed-end funds.” Lawyers with Shepherd, Smith, Edwards & Kantas (SSEK Law Firm) continue to file complaints against the brokerage firms and their brokers for selling these flawed products to their customers, the majority of which are Puerto Rico residents. The firm is focused on assisting investors to recoup the maximum compensation possible for their losses and to hold financial services firms accountable for selling these unsuitable investments to their customers before their claims become barred from recovery. The firms that are alleged to have been involved in selling these unsuitable investments to their customers are:
— UBS Financial Services Inc. of Puerto Rico
— UBS Securities
— UBS Wealth Management
— Popular Securities, LLC
— Santander Securities, LLC
— Oriental Financial Services, Corp.
Many investors that bought these Puerto Rico bonds and invested in these closed-end funds have suffered significant financial losses and stress as a result of their investment losses. Many customers of these brokerage firms have filed lawsuits against these firms and their brokers for fraud, unsuitability, breach of contract and fiduciary duty, as well as other abuses. While UBS was the most active brokerage firm selling these products, even going so far as to create proprietary bonds and closed-end funds heavily invested in Puerto Rico bonds, each of these firms has had numerous complaints filed by their customers whose accounts were heavily invested in these products.
If you or someone you know invested in Puerto Rican bond or closed-end funds and suffered losses, please contact the law firm of Shepherd, Smith, Edwards & Kantas, LLP today for a free, confidential evaluation of your account(s). We have a team of attorneys, consultants, and staff with over 100 years of combined experience in the securities industry and in securities law that are ready to assist you in recovering your investment losses today.