{"id":1573,"date":"2015-01-05T17:41:03","date_gmt":"2015-01-05T17:41:03","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/01\/beneficiaries_of_puerto_rico_t"},"modified":"2022-03-11T08:54:39","modified_gmt":"2022-03-11T14:54:39","slug":"beneficiaries-of-puerto-rico-t","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/beneficiaries-of-puerto-rico-t\/","title":{"rendered":"Beneficiaries of Puerto Rico Trust File Securities Fraud Lawsuit Seeking Over $4.5M From UBS Financial Services"},"content":{"rendered":"

\t\t\t\tPlaintiffs in Puerto Rico who say they are the beneficiaries of a trust have filed a securities lawsuit against UBS Financial Services (UBS)<\/a>. The beneficiaries’ complaint asserts that UBS in Puerto Rico breached its duty to properly manage funds linked to UBS’s proprietary closed-end Puerto Rico bond funds.<\/p>\n

The beneficiaries of Nellie S\u00e1nchez Carmona’s estate claim that the brokerage firm acted against their best interests when it opted to keep the trust invested in the proprietary funds-a move that earned UBS underwriting and management fees, along with commissions, and interest. The beneficiaries contend that UBS and its subsidiaries purposely prevented S\u00e1nchez Carmona from collecting benefits she was owed so that the firm could keep investing her money in the closed-end funds, which were issued by the firm, and continue to collect fees.<\/p>\n

Also, according to the plaintiffs, for 10 years UBS prevented S\u00e1nchez Carmona from finding out that she was a beneficiary of the trust, which was set up by her husband Robert Hargen. Even though he passed away several years ago, UBS, in federal filings up to at least 2010, represented that Hargen was still alive and in possession of the trust.<\/p>\n

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

Plaintiffs in Puerto Rico who say they are the beneficiaries of a trust have filed a securities lawsuit against UBS Financial Services (UBS). The beneficiaries’ complaint asserts that UBS in Puerto Rico breached its duty to properly manage funds linked to UBS’s proprietary closed-end Puerto Rico bond funds. The beneficiaries of Nellie S\u00e1nchez Carmona’s estate […]<\/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-1573","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nBeneficiaries of Puerto Rico Trust File Securities Fraud Lawsuit Seeking Over $4.5M From UBS Financial Services — Investor Lawyers Blog — January 5, 2015<\/title>\n<meta name=\"description\" content=\"Plaintiffs in Puerto Rico who say they are the beneficiaries of a trust have filed a securities lawsuit against UBS Financial Services (UBS). 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