{"id":4186,"date":"2017-02-24T12:23:22","date_gmt":"2017-02-24T18:23:22","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4186"},"modified":"2022-03-11T13:38:39","modified_gmt":"2022-03-11T19:38:39","slug":"finra-orders-ubs-pay-shepherd-smith-edwards-kantas-client-9-million-puerto-rico-municipal-bond-fund-investment-losses","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/finra-orders-ubs-pay-shepherd-smith-edwards-kantas-client-9-million-puerto-rico-municipal-bond-fund-investment-losses\/","title":{"rendered":"FINRA Orders UBS to Pay Shepherd, Smith, Edwards & Kantas Client $9 Million Over Puerto Rico Municipal Bond and Fund Investment Losses"},"content":{"rendered":"

\t\t\t\tShepherd Smith Edwards and Kantas, LLP (\u201cSSEK\u201d) is pleased to announce that a Financial Industry Regulatory Authority (\u201cFINRA\u201d) arbitration panel has awarded an SSEK client a net of almost $9 million for his losses in Puerto Rico bonds <\/a>and Puerto Rico Bond Funds<\/a>. SSEK client, Dr. Luiz Romero Lopez, won his securities arbitration claim against UBS Puerto Rico with the FINRA panel awarding him a net of almost $8 million in compensatory damages and an additional $1 million in punitive damages.<\/p>\n

According to the FINRA arbitration panel, UBS exhibited \u201cextreme recklessness and indifference\u201d to the consequences of abuses in its \u201cnon-purpose\u201d loan program in Puerto Rico. The panel accused UBS of either purposely using a “non-purpose\u201d loan to be \u201crecycled\u201d in a manner that violates Regulation U or doing so with \u201creckless\u201d indifference to the consequences that could arise from such abusive loans.<\/p>\n

The FINRA arbitration panel found that the loan created \u201cadditional excessive leverage.\u201d Because of this, when the market dropped in 2013, the Claimant lost more money than if his funds had been more suitably invested with \u201cless leverage.\u201d<\/p>\n

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

Shepherd Smith Edwards and Kantas, LLP (\u201cSSEK\u201d) is pleased to announce that a Financial Industry Regulatory Authority (\u201cFINRA\u201d) arbitration panel has awarded an SSEK client a net of almost $9 million for his losses in Puerto Rico bonds and Puerto Rico Bond Funds. SSEK client, Dr. Luiz Romero Lopez, won his securities arbitration claim against […]<\/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":[3922,4039,1],"tags":[],"class_list":["post-4186","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds","category-uncategorized"],"yoast_head":"\nFINRA Orders UBS to Pay Shepherd, Smith, Edwards & Kantas Client $9 Million Over Puerto Rico Municipal Bond and Fund Investment Losses — Investor Lawyers Blog — February 24, 2017<\/title>\n<meta name=\"description\" content=\"Shepherd Smith Edwards and Kantas, LLP (\u201cSSEK\u201d) is pleased to announce that a Financial Industry Regulatory Authority (\u201cFINRA\u201d) arbitration panel has — February 24, 2017\" \/>\n<meta name=\"robots\" content=\"index, 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