$4.88 Million Puerto Rico Bond and Closed-End Funds Award Against UBS
SAN JUAN, PUERRTO RICO – July 25, 2019 – (GLOBE NEWSWIRE – HISPANICIZE WIRE) – Last week, an arbitration panel awarded customers of UBS Wealth Management over $4.8M in their lawsuit against the brokerage firm “over the sale of Puerto Rico bonds and closed-end funds”. Lawyers with Shepherd, Smith, Edwards & Kantas (SSEK Law Firm) have filed and continue to pursue lawsuits against the brokerage firms and its brokers that were involved in selling these toxic products to their customers, a majority of which are Puerto Rico residents. SSEK Law Firm continues to investigate and evaluate the investment accounts and portfolios of investors in Puerto Rico bonds and closed-end funds to determine the extent of their losses and to help these investors fight to recover their losses. The firm is focused on assisting investors to hold financial services firms accountable for selling these unsuitable investments to their customers and to recoup the maximum compensation possible for their losses 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 customers of these firms that were sold these investments have suffered crippling financial losses and stress as a result of their investment losses. Several customers of these brokerage firms have filed complaints against these firms and their brokers for fraud, unsuitability, breach of contract and fiduciary duty, and 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.