{"id":4253,"date":"2017-03-31T16:19:12","date_gmt":"2017-03-31T21:19:12","guid":{"rendered":"https:\/\/www.investorlawyers.com\/blog\/?p=4253"},"modified":"2022-03-11T13:38:42","modified_gmt":"2022-03-11T19:38:42","slug":"ubs-financial-services-ordered-pay-many-millions-another-investor-puerto-rico-bond-closed-end-fund-losses","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-financial-services-ordered-pay-many-millions-another-investor-puerto-rico-bond-closed-end-fund-losses\/","title":{"rendered":"UBS Financial Services Ordered to Pay Many Millions to Another Investor For Puerto Rico Bond And Closed-End Fund Losses"},"content":{"rendered":"

\t\t\t\tOnce again, a Financial Industry Regulatory Authority (FINRA) panel has ordered UBS Financial Services (UBS)<\/a> to pay a large arbitration award to an investor. Dr. Luis E. Cummings claimed losses related to his investing in Puerto Rico bonds and Puerto Rico closed-end funds. Cummings also said sustained losses from loans made against these securities.<\/p>\n

In his Puerto Rico bond fraud case, Cummings accused UBS of negligence, recklessness, deceit, fraud, and fault. Meantime, the brokerage firm is once again claiming that this is yet another investor who was experienced enough to make a \u201cfully informed decision\u201d about whether to leverage investments and invest a healthy portion of his portfolio in Puerto Rico closed-end funds and bonds.<\/p>\n

But as Shepherd Smith Edwards & Kantas Partner Sam Edwards <\/a>said when commenting on a previous case in which UBS also was ordered to pay an investor over their similar losses, \u201ceven customers who are business savvy can be abused.\u201d The FINRA Panel ultimately awarded Dr. Cummings more than $5 million in compensation as well as forgiveness of a similar amount of debt.<\/p>\n

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

Once again, a Financial Industry Regulatory Authority (FINRA) panel has ordered UBS Financial Services (UBS) to pay a large arbitration award to an investor. Dr. Luis E. Cummings claimed losses related to his investing in Puerto Rico bonds and Puerto Rico closed-end funds. Cummings also said sustained losses from loans made against these securities. In […]<\/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":[3752,3739,3922,4039,3755],"tags":[],"class_list":["post-4253","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-finra","category-municipal-bonds","category-puerto-rico-bond-funds","category-ubs"],"yoast_head":"\nUBS Financial Services Ordered to Pay Many Millions to Another Investor For Puerto Rico Bond And Closed-End Fund Losses — Investor Lawyers Blog — March 31, 2017<\/title>\n<meta name=\"description\" content=\"Once again, a Financial Industry Regulatory Authority (FINRA) panel has ordered UBS Financial Services (UBS) to pay a large arbitration award to an — March 31, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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