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Required Disclaimer: Case results depend upon a variety of factors unique to each case and do not guarantee or predict a similar result in any future case undertaken by this firm.

A FINRA arbitration panel issued an award of damages to Greco & Greco clients against UBS of Puerto Rico on February 23, 2018. The arbitration involved multiple Puerto Rico customers of UBS who had been invested primarily in UBS Puerto Rico Closed-End Mutual Funds and Puerto Rico Bonds.

The award, totaling $521,075.00 in damages, was significant because most of the damages were incurred in investments that UBS claimed were conservative (the Puerto Rico AAA Portfolio Bond Fund and COFINA bonds), and UBS further unsuccessfully claimed that the customers had not lost any money because of the interest/dividends they had earned over the years in the investments.

Read more at InvestmentNews

As set out in more detail at Greco & Greco’s website (http://www.securities-lawyers.net/ubs-puerto-rico) the UBS Puerto Rico Closed-End Funds (CEFs) were high risk investments which used leverage (a speculative investment technique) and which did not have a market (they were traded by UBS’s trading desk but UBS had the ability to stop trading of the funds at any time).

Greco & Greco provides free attorney consultations regarding potential cases involving UBS, Puerto Rico Closed-End Funds, and Puerto Rico bonds. If we can help, please contact us.
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Million Dollar Plus Awards for Family sold unsuitable risky limited partnerships.  Greco & Greco represented a Chicago, Illinois family against a Virginia based brokerage firm and received an award for $1.2 million in damages and $400,000 in attorneys fees.  A second arbitration was then successfully prosecuted against the control persons of the firm for failure to honor the award. The awards can be found here and here.

A Norfolk, Virginia NASD arbitration panel found a brokerage firm liable for $75,000 in savings paid out of a disabled woman's brokerage account to an alleged business venture of her stock broker on the last day of employment at the firm by her broker. The firm had taken the position that it was not responsible for the "investment" made outside of the firm. Read the NASD award

Greco & Greco represented a retired Northern Virginia couple in a NASD arbitration seeking the recovery of savings lost by their stockbroker which they had intended to use to buy a new house. The broker had invested all of their life savings and house sale proceeds in the stock market through the use of a money manager. The arbitration panel awarded the couple $195,000 in damages (an amount higher than their out-of-pocket losses), $65,000 in attorneys' fees, and interest from July, 2003. Read the NASD award.

In this FINRA Arbitration held in Jackson, Mississippi, Greco & Greco represented a retiree who was cold-called by a New York broker. The broker's investments ultimately lost a significant amount of the client's savings in several overconcentrated stock positions. The FINRA panel awarded $80,000 in damages, $15,000 in punitive damages for "reckless disregard of Claimant's rights," and expert witness costs. Read the FINRA award.