Recently, a number of securities fraud and related matters have surfaced in the Commonwealth of Puerto Rico. These issues are now being recognized and handled by experienced legal counsel from the contiguous United States. If you are an investor in Puerto Rico who has lost money due to illegal activity by a broker or investment firm, you need to retain experienced and qualified representation.
At the law office of Timothy J. Dennin, P.C., we have successfully represented Puerto Rico residents in FINRA arbitration claims who have invested and lost money due to broker-dealer misconduct, including obtaining the highest award in the history of FINRA arbitration cases filed on behalf of investors in Puerto Rico.
Securities Arbitration Representation In Puerto Rico
The Puerto Rican government faces a staggering amount of debt that continues to grow. This has caused an economic downturn and made matters worse for individuals who have been victimized by brokerage firms and financial advisers. Major developments in securities law cases in Puerto Rico involve:
UBS Puerto Rico (Union Bank Of Switzerland Puerto Rico)
Individuals and institutions that invested money in UBS Puerto Rico-affiliated closed-end mutual funds, with money borrowed from a UBS Puerto Rico-affiliated bank, were exposed to enormous risk and suffered staggering losses as brokers were not properly supervised, illicit loans were used to recycle proceeds and buy securities, and other illegal conduct.
UBS Alleged Conflicts Of Interest, Excessive Leverage And Concentration Of Clients’ Savings In UBS Closed-End Funds And Puerto Rico Bonds
UBS and Popular Securities wore many hats, financial adviser, lead underwriter and manager of the UBS Puerto Rico closed-end funds, and received substantial fees regarding these roles. Many clients’ accounts were concentrated in the UBS closed-end funds and exposed to unnecessary risk. For many investors, this risk was exacerbated through broker-dealer and investment advisers’ aggressive use of leverage. This concentration and leverage resulted in massive losses by individual and institutional investors.