{"id":3706,"date":"2016-03-28T00:00:00","date_gmt":"2016-03-28T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/03\/ubs_ordered_to_pay_investors_o"},"modified":"2022-03-09T15:57:55","modified_gmt":"2022-03-09T21:57:55","slug":"ubs-ordered-to-pay-investors-o","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-ordered-to-pay-investors-o\/","title":{"rendered":"UBS Ordered to Pay Investors Over $47K in Puerto Rico Bond Fraud Case"},"content":{"rendered":"

\t\t\t\tUBS Group AG (UBS)<\/a> must pay Obdulio Melendez Ramos, Carlos L. Merced, and Ramon Velez Garcia over $470K for losses they sustained from investing in Puerto Rico bonds\/bond funds that lost value. The three men filed their case with the Financial Industry Regulatory Authority. They contend their accounts were over-concentrated in risky Puerto Rico bonds\/bond funds. Ramos, Garcia, and Merced had alleged negligent supervision and fraud.<\/p>\n

Addressing the panel\u2019s ruling, a spokesperson for UBS called the decision \u201cdisappointing\u201d and said that he disagreed with the outcome. In an emailed statement, Gregg Rosenberg contended that that there were specific circumstances involved with this case and its outcome was not a indicative of how other arbitrators might rule in similar cases. However, according to a recent supplement for the firm\u2019s fourth quarter earnings results, since August 2013 drops in Puerto Rico municipal bond prices, as well as in the prices of related proprietary funds UBS manages and distributes, have led to customer complaints, regulatory inquiries, and arbitrations filed against the firm.<\/p>\n

Claimed damages against UBS are estimated to total $1.5B. The vast majority of those claims are still outstanding.<\/p>\n

Many investors have accused UBS Puerto Rico <\/a> of inappropriately persuading them to invest in the island\u2019s municipal bonds even though these investments were not appropriate for them. UBS brokers even purportedly encouraged some investors to borrow so that they could become more heavily invested in the bonds. When Puerto Rico bond prices plunged, it was the investors, many of whom were retirees, that suffered.<\/p>\n

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

UBS Group AG (UBS) must pay Obdulio Melendez Ramos, Carlos L. Merced, and Ramon Velez Garcia over $470K for losses they sustained from investing in Puerto Rico bonds\/bond funds that lost value. The three men filed their case with the Financial Industry Regulatory Authority. They contend their accounts were over-concentrated in risky Puerto Rico bonds\/bond […]<\/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-3706","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nUBS Ordered to Pay Investors Over $47K in Puerto Rico Bond Fraud Case — Investor Lawyers Blog — March 28, 2016<\/title>\n<meta name=\"description\" content=\"UBS Group AG (UBS) must pay Obdulio Melendez Ramos, Carlos L. 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