{"id":1592,"date":"2015-02-07T14:59:45","date_gmt":"2015-02-07T14:59:45","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/02\/ubs_financial_puerto_ricos_cha"},"modified":"2022-03-18T15:12:57","modified_gmt":"2022-03-18T20:12:57","slug":"ubs-financial-puerto-ricos-cha","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-financial-puerto-ricos-cha\/","title":{"rendered":"UBS Financial Puerto Rico\u2019s Chairman Told Brokers to Sell More Bond Funds in 2011"},"content":{"rendered":"

Reuters<\/em> is reporting that in 2011, before the prices of UBS Financial Services Inc. of Puerto Rico’s (UBS)<\/a> proprietary bond funds dropped, the firm’s chairman, Miguel Ferrer, told brokers to either start selling more UBS Puerto Rico bond funds or find a new job. He spoke after the brokerage firm’s representatives began to express reservations about selling the bond funds to their customers because of, among other issues, the high risks that were involved.<\/p>\n

According to Reuters<\/em>, sources in the know said that when UBS asked their brokers about their reluctance to sell the funds, they gave Mr. Ferrer and UBS nearly two dozen reasons, including concerns with low liquidity, excessive leverage, instability, oversupply, and because of the concentration of Puerto Rican government debt, which UBS had underwritten.<\/p>\n

UBS has come under fire not just for pushing its own funds to clients for whom they were not appropriate, but also for improperly directing some of them to borrow money from another UBS unit to purchase more fund shares. The Federal Bureau of Investigation, along with the Securities and Exchange Commission, are reportedly looking into the allegations.<\/p>\n

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

Reuters is reporting that in 2011, before the prices of UBS Financial Services Inc. of Puerto Rico’s (UBS) proprietary bond funds dropped, the firm’s chairman, Miguel Ferrer, told brokers to either start selling more UBS Puerto Rico bond funds or find a new job. He spoke after the brokerage firm’s representatives began to express reservations […]<\/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-1592","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nUBS Financial Puerto Rico\u2019s Chairman Told Brokers to Sell More Bond Funds in 2011 — Investor Lawyers Blog — February 7, 2015<\/title>\n<meta name=\"description\" content=\"Reuters is reporting that in 2011, before the prices of UBS Financial Services Inc. of Puerto Rico's (UBS) proprietary bond funds dropped, the firm's — February 7, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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