{"id":1646,"date":"2015-05-20T20:52:13","date_gmt":"2015-05-20T20:52:13","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/05\/ubs_must_pay_investor_1m_for_b"},"modified":"2022-03-11T13:37:59","modified_gmt":"2022-03-11T19:37:59","slug":"ubs-must-pay-investor-1m-for-b","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-must-pay-investor-1m-for-b\/","title":{"rendered":"UBS Must Pay Investor $1M for Puerto Rico Bond Fund Portfolio"},"content":{"rendered":"

\t\t\t\tA Financial Industry Regulatory Authority Panel (“FINRA”) has ordered UBS Financial Services Inc. of Puerto Rico <\/a>and UBS Wealth Management <\/a>(collectively “UBS”) to pay a client from Puerto Rico $1 million to repurchase the Puerto Rico portfolio of proprietary bond funds sold to him and many other Puerto Rico investors. According to the Panel’s decision, Mr. Burgos Rosado, a senior investor at age 66, lost $737,000 in the beleaguered closed-end funds. <\/p>\n

He had opened his account with UBS in 2011 and invested the money he made from running a bodega for years. After Puerto Rico municipal bonds failed in 2013, the original $1.1 million he invested had fallen in value to less than $4,000. Just in September of that year, when news that the bond funds were failing en masse, Burgos Rosado reportedly approached UBS because his balance had dropped some $200,000. He was encourage to stay with his portfolio. <\/p>\n

The FINRA panel noted that while investors typically assume their account’s risks after they’ve been given sufficient notice of the risks, the arbitrators did not think this applied in the case of Burgos Rosado, who does not speak fluent English and was clearly relying on the recommendation of his UBS advisor. Even after Burgos Rosado asked for documents in Spanish, the brokerage-firm reportedly issued his monthly statements and other information in English. <\/p>\n

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

A Financial Industry Regulatory Authority Panel (“FINRA”) has ordered UBS Financial Services Inc. of Puerto Rico and UBS Wealth Management (collectively “UBS”) to pay a client from Puerto Rico $1 million to repurchase the Puerto Rico portfolio of proprietary bond funds sold to him and many other Puerto Rico investors. 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