{"id":6894,"date":"2019-03-29T14:01:25","date_gmt":"2019-03-29T19:01:25","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=6894"},"modified":"2022-03-09T15:57:56","modified_gmt":"2022-03-09T21:57:56","slug":"ex-ubs-puerto-rico-broker-is-sentenced-to-prison","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/","title":{"rendered":"Ex-UBS Puerto Rico Broker is Sentenced to Prison"},"content":{"rendered":"<p>\t\t\t\tJose G. Ramirez-Arone Jr., who formerly worked as a broker for <a href=\"https:\/\/www.investorlawyers.com\/es\/perdida-de-fondo-de-bonos-ubs-de-puerto-rico\/\" target=\"_blank\" rel=\"noopener noreferrer\">UBS Financial Services of Puerto Rico (UBS-PR)<\/a>, has been sentenced to a year and a day in prison for defrauding investors. Ramirez-Arone, also called Jose Ramirez and known by many on the island of Puerto Rico as \u201cThe Whopper,\u201d pleaded guilty to bank fraud last year.<\/p>\n<p>Ramirez admitted that he made more than $1.2 million in improper commissions by persuading clients to inappropriately invest in <a href=\"https:\/\/www.investorlawyers.com\/?s=ubs+Puerto+Rico+\" target=\"_blank\" rel=\"noopener noreferrer\">UBS Puerto Rico Bond Funds<\/a>. More specifically, Ramirez admitted to participating in a scheme where he advised his clients to borrow money against their investments from a credit line at UBS Bank and then to use that borrowed money to buy more UBS Puerto Rico Bond Funds. This use of \u201cnon-purpose\u201d loans to buy securities was strictly prohibited.<\/p>\n<p>Unfortunately, in addition to being a prohibited transaction, this type of investing \u2013 where leverage is used to buy an already leveraged investment product \u2013 is unsuitable for most investors. The vast majority, if not all, of these investors were ill-equipped and unable to handle the risks involved, which they are now claiming were misrepresented or not fully disclosed to them. When Puerto Rico bonds and closed-end bond funds plunged in value in 2013, many UBS clients ended up having to sell their investments because they lacked the assets to satisfy maintenance calls on their accounts, resulting in massive losses for some.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/\"  title=\"Continue Reading Ex-UBS Puerto Rico Broker is Sentenced to Prison\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jose G. Ramirez-Arone Jr., who formerly worked as a broker for UBS Financial Services of Puerto Rico (UBS-PR), has been sentenced to a year and a day in prison for defrauding investors. Ramirez-Arone, also called Jose Ramirez and known by many on the island of Puerto Rico as \u201cThe Whopper,\u201d pleaded guilty to bank fraud [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6637,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3774,4039],"tags":[3345,3346,3347,3348,3349,3350,3070],"class_list":["post-6894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-broker-dealers","category-puerto-rico-bond-funds","tag-david-lugo","tag-doel-garcia","tag-fernando-castillo","tag-jose-ramirez","tag-leslie-highley","tag-luis-sanchez","tag-ubs-puerto-rico"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>UBS Puerto Rico Broker Sentenced To Prison | Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"Ex-UBS Puerto Rico Broker Jose G. Ramirez-Arone Jr. is sentenced to prison, but not before he names and accuses other UBS brokers of investor fraud.\" \/>\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\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"UBS Puerto Rico Broker Sentenced To Prison | Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"Ex-UBS Puerto Rico Broker Jose G. Ramirez-Arone Jr. is sentenced to prison, but not before he names and accuses other UBS brokers of investor fraud.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.25.18.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"UBS Puerto Rico Broker Sentenced To Prison | Investor Lawyers Blog","description":"Ex-UBS Puerto Rico Broker Jose G. 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Ramirez-Arone Jr. is sentenced to prison, but not before he names and accuses other UBS brokers of investor fraud.","twitter_image":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.25.18.jpg","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Ex-UBS Puerto Rico Broker is Sentenced to Prison","datePublished":"2019-03-29T19:01:25+00:00","dateModified":"2022-03-09T21:57:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/"},"wordCount":793,"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.25.18.jpg","keywords":["David Lugo","Doel Garcia","Fernando Castillo","Jose Ramirez","Leslie Highley","Luis Sanchez","UBS Puerto Rico"],"articleSection":["Broker Fraud","Broker-Dealers","Puerto Rico Bond Funds"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/","url":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/","name":"UBS Puerto Rico Broker Sentenced To Prison | Investor Lawyers Blog","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/#primaryimage"},"image":{"@id":"https:\/\/www.investorlawyers.com\/blog\/ex-ubs-puerto-rico-broker-is-sentenced-to-prison\/#primaryimage"},"thumbnailUrl":"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/10\/10.25.18.jpg","datePublished":"2019-03-29T19:01:25+00:00","dateModified":"2022-03-09T21:57:56+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"Ex-UBS Puerto Rico Broker Jose G. 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