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Legal Team Launches Website to Recover Investors Losses in Puerto Rico Bond Funds Managed by UBS Financial Services of Puerto Rico

Posted: October 16th, 2013

SAN JUAN, PUERTO RICO (GLOBE NEWSWIRE) Oct. 16, 2013 – Four nationally recognized securities law firms have joined together as one legal team as advocates representing investors who suffered losses from investments in UBS Financial Services of Puerto Rico (“UBS”) Closed-End Bond Funds. Carlos Romero Barcelo, Esq., Post & Romero, Silver Law Group and Dimond Kaplan & Rothstein, PA (“law firms”) urge investors who hold UBS Managed Puerto Rico Bond Funds to consider what recourse is available to recover their investment losses.

Legal team member, Jeffrey B. Kaplan of Dimond Kaplan & Rothstein, PA, asserts that “UBS was the Investment Manager and Underwriter for the family of bond funds marketed through solicitation to residents of Puerto Rico. As the Underwriter, UBS should have known through adequate due diligence the risks associated with the geographic concentration of the fund assets and the use of leverage, and the required management of these risks.” Kaplan explains, “UBS was responsible for the supervision of their representatives and the suitability requirements of investment recommendations made to Investors. The suitability requirements include prohibitions against securities concentration and the use of margin to fund purchases of the UBS proprietary closed-end bond funds.”

The law firms are currently investigating investors with losses in the following UBS Bond Funds:

  • UBS Puerto Rico Fixed Income Funds
  • UBS Puerto Rico Investors Tax Free Funds
  • Puerto Rico AAA Portfolio Bond Funds
  • Puerto Rico AAA Portfolio Target Maturity Fund
  • Tax Free Puerto Rico Target Maturity Fund
  • Puerto Rico Mortgage-Backed & Government Securities Fund
  • Puerto Rico GNMA & US Government

The Financial Regulatory Industry Authority (FINRA) rules and regulations were designed to assure compliance with the securities industry standards of care. Scott Silver, of the Silver Law Group maintains that “UBS is required to perform adequate due diligence and management of fund assets and supervise the recommendations made their representatives. Recommendations which result in unsuitable investment advice, securities concentration and misrepresentation or omissions of material facts are all rule violations that may represent claims available to investors against their UBS Financial Service of Puerto Rico in a securities arbitration claim filed with FINRA.”

The law firms are committed to the advocacy of investor rights throughout Puerto Rico. Puerto Rican Investors who are interested in learning what action could have prevented the losses are encouraged to contact the firm. Our legal team of lawyers; Carlos Romero Barcelo, former two-term Governor of Puerto Rico; Jeffrey Kaplan, serves on FINRA National Arbitration and Mediation Committee and current chairman of the Securities Litigation Group; and Scott Silver, is a member of the American Association of Justice are committed to protecting your legal rights.

If you have questions about your legal rights, or have been the victim of investment fraud, please contact us at (787) 303-0319 for a free consultation or Toll Free at (888) 578-6255.

Contact:
Jeffrey B. Kaplan, Esquire
2665 S. Bayshore Drive Penthouse 2B
Miami, FL 33133
(888) 578-6255
jkaplan@dkrpa.com