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Notice to Former and Retired Procter & Gamble Employees Concerning Pension and Stock Option Plan Losses

Posted: June 5th, 2014

June 5, 2014 – Silver Law Group and Dimond Kaplan and Rothstein, PA are currently investigating on behalf of current clients possible FINRA (Financial Industry Regulatory Authority) sales practice rule violations by UBS Financial Services of Puerto Rico related to the sale of UBS Puerto Rico Closed-End Bond Funds and Puerto Rico Municipal Bonds. These bond funds were sold to former and retired Procter & Gamble employees concerning retirement plan rollovers and stock option plan losses. Former and retired Procter & Gamble employees who worked in Puerto Rico commercial and manufacturing facilities located in the following cities, amongst others, may be affected:

  • Guaynabo,
  • Cayey, and
  • Manati.

The investigation involves the alleged inducement of former and retired Procter & Gamble employees to sell company stock or rollover pension plan balances to invest in UBS Puerto Rico Closed-End Bond Funds including UBS Puerto Rico Fixed Income Funds, UBS Puerto Rico Investors Tax Free Funds and Puerto Rico Municipal Bonds which resulted in substantial losses in retirement assets.

Many former and retired Procter & Gamble employees were advised to invest their retirement funds into the non-traded closed end funds because they were represented as providing a safe stable source of tax free income. Additionally, in some instances, financial advisors recommended the use of credit lines, includingUBS Bank Loans as a source of liquidity to meet investor cash needs without having to sell their holdings in the closed-end municipal bond funds. Many investors now face margin calls because the investments were used as collateral and the underlying investments have lost significant value.

Our legal team currently represents former and retired Procter and Gamble employees that invested in the UBS Puerto Rico Closed-End Bond Funds in claims against brokerage firms in Puerto Rico. We are committed to advocacy for investor rights throughout the United States and Puerto Rico. Puerto Rican investors who are interested in learning what action could have prevented the losses and/or what can be done to recover losses in their accounts are encouraged to contact our law firms. Our attorneys have significant experience representing investors in FINRA arbitration claims. If you have questions about your legal rights, or have been the victim of investment fraud, please contact us Toll Free at (800) 975-4345 for a free consultation.