{"id":1689,"date":"2015-08-11T13:45:52","date_gmt":"2015-08-11T13:45:52","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2015\/08\/ubs_ordered_to_pay_over_25m_to"},"modified":"2022-03-11T13:38:03","modified_gmt":"2022-03-11T19:38:03","slug":"ubs-ordered-to-pay-over-25m-to","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-ordered-to-pay-over-25m-to\/","title":{"rendered":"UBS Ordered to Pay Over $2.5M to Retired Couple in Puerto Rico Bond Fraud Case"},"content":{"rendered":"

\t\t\t\tUBS Financial Services, Inc. <\/a>and UBS Financial Services of Puerto Rico <\/a>(collectively “UBS”) must pay over $2.5 million to Orlando Rodriguez Gonzales and Milagros Vila Maldonado for their investment losses related to the proprietary closed-end bond funds that they bought in Puerto Rico. The funds were sold to them by former UBS broker Jose Gabriel Ramirez, Jr., who is often referred to as “The Whopper.” <\/p>\n

The San Juan, Puerto Rico couple, who are in their seventies, claim that they gave their liquid savings to UBS to invest. According to their complaint, the Whopper recommended they take out a $3 million loan and reinvest $2 million of that in the closed-end funds.<\/p>\n

The result was that Gonzalez and Maldonado lost roughly $2.1 million in assets after the funds abruptly and swiftly dropped in value in 2013. Gonzalez and Maldonado filed a Financial Industry Regulatory Authority arbitration claim alleging breach of fiduciary duty, unsuitable investment, fraud, and negligence related to the Puerto Rico closed-end mutual funds.
\n Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

UBS Financial Services, Inc. and UBS Financial Services of Puerto Rico (collectively “UBS”) must pay over $2.5 million to Orlando Rodriguez Gonzales and Milagros Vila Maldonado for their investment losses related to the proprietary closed-end bond funds that they bought in Puerto Rico. The funds were sold to them by former UBS broker Jose Gabriel […]<\/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":[3922,4039,3755],"tags":[],"class_list":["post-1689","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nUBS Ordered to Pay Over $2.5M to Retired Couple in Puerto Rico Bond Fraud Case — Investor Lawyers Blog — August 11, 2015<\/title>\n<meta name=\"description\" content=\"UBS Financial Services, Inc. and UBS Financial Services of Puerto Rico (collectively "UBS") must pay over $2.5 million to Orlando Rodriguez Gonzales and — August 11, 2015\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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