{"id":6264,"date":"2018-05-06T18:16:22","date_gmt":"2018-05-06T18:16:22","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6264"},"modified":"2018-05-06T18:16:22","modified_gmt":"2018-05-06T18:16:22","slug":"judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/","title":{"rendered":"Judge Rules Against Ex-UBS Puerto Rico Broker in Closed-End Fund Case"},"content":{"rendered":"

\t\t\t\tIn the U.S. Securities and Exchange Commission\u2019s (SEC) Puerto Rico bond fraud case<\/a> against ex-UBS Puerto Rico\u00a0broker Jose Ramirez, a federal judge has found that Ramirez committed fraud and was in violation of securities laws when he directed customers to use lines of credit to purchase Puerto Rico closed-end funds.\u00a0 In 2015, the SEC had filed charges against Ramirez accusing him of misleading customers regarding the Puerto Rico closed-end funds while advising them to use money from UBS\u00a0Bank USA\u00a0credit lines to buy UBS Puerto Rico fund shares. Ramirez allegedly made an additional $2.8 million in commissions as a result. The brokerage firm fired Mr. Ramirez in 2014.<\/p>\n

According to U.S. District Court Judge Pedro Delgado-Hernandez, who granted the SEC\u2019s motion for summary judgment, the ex-UBS Puerto Rick broker lied to customers and failed to tell them that if their collateral went down in value and reached a certain point, the customers might need to have their accounts liquidated to pay back the loans.<\/p>\n

In 2013, following a number of credit downgrades, the Puerto Rico closed-end funds saw a substantial drop in value.\u00a0 By September 2013, more than three dozen of Ramirez\u2019s customers had $37 million in \u201cmargin maintenance calls\u201d that required many clients to have their accounts liquidated.<\/p>\n

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

In the U.S. Securities and Exchange Commission\u2019s (SEC) Puerto Rico bond fraud case against ex-UBS Puerto Rico\u00a0broker Jose Ramirez, a federal judge has found that Ramirez committed fraud and was in violation of securities laws when he directed customers to use lines of credit to purchase Puerto Rico closed-end funds.\u00a0 In 2015, the SEC had […]<\/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":[3950,3755],"tags":[2629,3070],"class_list":["post-6264","post","type-post","status-publish","format-standard","hentry","category-closed-end-funds","category-ubs","tag-closed-end-funds","tag-ubs-puerto-rico"],"yoast_head":"\nJudge Rules Against Ex-UBS Puerto Rico Broker | Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"A federal judge has ruled against an ex-UBS Puerto Rico broker who committed fraud and was in violation of securities laws.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Judge Rules Against Ex-UBS Puerto Rico Broker | Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"A federal judge has ruled against an ex-UBS Puerto Rico broker who committed fraud and was in violation of securities laws.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Judge Rules Against Ex-UBS Puerto Rico Broker | Investor Lawyers Blog","description":"A federal judge has ruled against an ex-UBS Puerto Rico broker who committed fraud and was in violation of securities laws.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/","twitter_card":"summary_large_image","twitter_title":"Judge Rules Against Ex-UBS Puerto Rico Broker | Investor Lawyers Blog","twitter_description":"A federal judge has ruled against an ex-UBS Puerto Rico broker who committed fraud and was in violation of securities laws.","twitter_misc":{"Written by":"Shepherd Smith Edwards & Kantas, LLP","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/"},"author":{"name":"Shepherd Smith Edwards & Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Judge Rules Against Ex-UBS Puerto Rico Broker in Closed-End Fund Case","datePublished":"2018-05-06T18:16:22+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/"},"wordCount":685,"keywords":["Closed-End Funds","UBS Puerto Rico"],"articleSection":["Closed-End Funds","UBS"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/","url":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/","name":"Judge Rules Against Ex-UBS Puerto Rico Broker | Investor Lawyers Blog","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2018-05-06T18:16:22+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"A federal judge has ruled against an ex-UBS Puerto Rico broker who committed fraud and was in violation of securities laws.","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/judge-rules-against-ex-ubs-puerto-rico-broker-in-closed-end-fund-case\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Judge Rules Against Ex-UBS Puerto Rico Broker in Closed-End Fund Case"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards & Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards & Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards & Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1D2","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6264","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=6264"}],"version-history":[{"count":0,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6264\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=6264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=6264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=6264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}