{"id":3725,"date":"2016-09-13T19:28:56","date_gmt":"2016-09-14T00:28:56","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/?p=3725"},"modified":"2022-03-11T13:38:19","modified_gmt":"2022-03-11T19:38:19","slug":"ubs-ordered-pay-three-investors-750k-puerto-rico-bond-fraud-case","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-ordered-pay-three-investors-750k-puerto-rico-bond-fraud-case\/","title":{"rendered":"UBS Ordered To Pay Three Investors $750K in Puerto Rico Bond Fraud Case"},"content":{"rendered":"

\t\t\t\tThe Financial Industry Regulatory Authority announced that UBS Financial Services and its Puerto Rico subsidiary (UBS)<\/a> must collectively pay three investors $750,000 in damages for losses they sustained from investing in UBS\u2019s proprietary Puerto Rico closed-end bond funds and Puerto Rico bonds. The claimants are Jenny Robles Adorno, Desarrollos Jarra SE, and Jose A. Rivera.<\/p>\n

The investors accused UBS of recklessness, fraud, and negligence. They sought compensatory damages, punitive damages, and reimbursement of commissions that they said were unlawful. In San Juan, the FINRA arbitration panel awarded Rivera $562,500, Robles $30,000 and Jarra $157,500. UBS said it was \u201cdisappointed\u201d with the panel\u2019s decision to award any damages to the claimants.<\/p>\n

This is not the first Puerto Rico bond fraud arbitration case in which UBS has been ordered to pay investors. Just this March, the firm had to pay over $470,000 to three investors who said their accounts were over-concentrated in the same Puerto Rico focused investments. The claimants in that particular case alleged negligent supervision and fraud. Similarly, UBS was ordered to pay a former television executive over $1,400,000 in the fall of 2015 for over-concentrating the former customer in UBS\u2019s proprietary funds and misrepresenting the risks of those investments.<\/p>\n

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

The Financial Industry Regulatory Authority announced that UBS Financial Services and its Puerto Rico subsidiary (UBS) must collectively pay three investors $750,000 in damages for losses they sustained from investing in UBS\u2019s proprietary Puerto Rico closed-end bond funds and Puerto Rico bonds. The claimants are Jenny Robles Adorno, Desarrollos Jarra SE, and Jose A. Rivera. 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