Securities Fraud Blog
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 violated the Puerto Rico Uniform Securities Act and engaged in securities fraud, common law fraud and constructive fraud, in addition to breaching its fiduciary duty and negligently supervising its personnel.