An all-public arbitration panel of the Financial Industry Regulatory Authority Inc. has awarded five clients of UBS Financial Services more than $521,000 in compensatory damages in a case related to the clients’ investments in Puerto Rican bonds and closed-end bond funds. The clients, all residents of Puerto Rico, claimed UBS…
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,…
Greco & Greco is pleased to report the first FINRA Arbitration Award against UBS Financial Services of Puerto Rico relating to the crash of UBS closed end bond funds in 2013 which were sold to Puerto Rico residents. W. Scott Greco represented the Claimant customer in the case of Bauza…
To date, FINRA Arbitration Panels have issued five awards relating to claims filed by investors against UBS and UBS of Puerto Rico regarding their Puerto Rico Closed End Bond Funds (CEFs). The Awards (for cases filed after the 2013 crash of the CEF market) are summarized below: 1. Bauza v.…
The SEC and FINRA have brought charges and fined UBS relating to sales practices and supervision of their UBS Puerto Rico Bond Funds. The SEC press release and Orders can be found here: SEC Press Release 2015-217. The SEC alleged that UBS Financial Services of Puerto Rico (UBSPR) failed to…