{"id":6635,"date":"2018-10-25T10:23:45","date_gmt":"2018-10-25T15:23:45","guid":{"rendered":"http:\/\/www.investorlawyers.com\/?p=6635"},"modified":"2018-10-25T10:23:45","modified_gmt":"2018-10-25T15:23:45","slug":"ubs-to-pay-19-8m-in-puerto-rico-bond-fraud-case","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-to-pay-19-8m-in-puerto-rico-bond-fraud-case\/","title":{"rendered":"UBS to Pay $19.8M in Puerto Rico Bond Fraud Case"},"content":{"rendered":"

\t\t\t\tA Financial Industry Regulatory Authority<\/a> panel is ordering UBS Financial Services Inc. (UBS)<\/a> to pay restitution of almost $19.8M in an arbitration case involving Puerto Rico bonds and closed-end funds that were sold to investors. This is the largest amount that UBS has paid to date to claimants in a Puerto Rico bond fraud case.<\/p>\n

The arbitration ruling involved not only the sale of the Puerto Rico bonds but also how credit lines were used as part of the investing strategies involving the investor accounts. Of the $19.8M: $14.9M is for compensatory damages, $745K is interest, $3.9M is legal fees, and $215K is for other costs.<\/p>\n

This is just one of several Puerto Rico bond and closed-end bond fraud awards that UBS and its affiliated financial firm, UBS Financial Services of Puerto Rico (UBS-PR)<\/a>, have been ordered to pay in the last few years. In December 2016, A FINRA arbitration panel ordered UBS to pay $18.6M to two UBS clients who had alleged breach of contract, breach of fiduciary duty, and other violations over their Puerto Rico securities losses.<\/p>\n

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

A Financial Industry Regulatory Authority panel is ordering UBS Financial Services Inc. (UBS) to pay restitution of almost $19.8M in an arbitration case involving Puerto Rico bonds and closed-end funds that were sold to investors. This is the largest amount that UBS has paid to date to claimants in a Puerto Rico bond fraud case. 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