{"id":1470,"date":"2014-06-21T22:01:18","date_gmt":"2014-06-21T22:01:18","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/06\/ubs_ag_under_criminal_investig"},"modified":"2022-03-11T13:12:11","modified_gmt":"2022-03-11T19:12:11","slug":"ubs-ag-under-criminal-investig","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-ag-under-criminal-investig\/","title":{"rendered":"UBS AG Under Criminal Investigation Over Puerto Rico Bond Fund Sales"},"content":{"rendered":"

\t\t\t\tAuthorities in the United States are reportedly investigating UBS AG (UBSN)<\/a> for its actions in Puerto Rico. The criminal fraud investigation comes in the wake of allegations that an ex-UBS broker in Puerto Rico told clients to improperly borrow money to purchase local mutual funds that later sank. <\/p>\n

The investigation is centered around non-purpose loans that came from UBS Bank USA of Utah<\/a>. The former UBS broker, Jose Ramirez, organized the loans for clients. The bank has since let him go.<\/p>\n

Under internal guidelines, such loans are not allowed to be used for the purchase of securities since those very securities will be the collateral for the loans. Now, however, investors are saying that Ramirez was utilizing these loans to purchase more shares in the bond funds for them. Some are even saying that he gave them paperwork that made it appear as if customers were borrowing from the UBS bank in Puerto Rico and not the one in Utah. More than 100 investors may have been affected.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Authorities in the United States are reportedly investigating UBS AG (UBSN) for its actions in Puerto Rico. The criminal fraud investigation comes in the wake of allegations that an ex-UBS broker in Puerto Rico told clients to improperly borrow money to purchase local mutual funds that later sank. The investigation is centered around non-purpose loans […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3922,4039,3755],"tags":[],"class_list":["post-1470","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nUBS AG Under Criminal Investigation Over Puerto Rico Bond Fund Sales — Investor Lawyers Blog — June 21, 2014<\/title>\n<meta name=\"description\" content=\"Authorities in the United States are reportedly investigating UBS AG (UBSN) for its actions in Puerto Rico. 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