Securities Arbitration Law Firms Announce Sales Practice Violation Investigation into UBS Financial Services of Puerto Rico and Popular Securities
Posted: November 21st, 2013
MIAMI, Florida, (GLOBE NEWSWIRE) November 21, 2013 – The securities arbitration law firms of Silver Law Group and Dimond Kaplan & Rothstein, P.A. (“law firms”) jointly announce their investigation into sales practice violations made by the Offering Dealers, UBS Financial Services of Puerto Rico and Popular Securities, concerning investments in Puerto Rico Investors Tax Free Funds Series (I-VI). The law firms urge Puerto Rican investors to consider what recourse is available to recover their investment losses.
UBS Financial Services of Puerto Rico and Popular Securities solicited their clients to invest in securities known as the Puerto Rico Investors Tax Free Funds Series (“Funds”). As full-service brokerage firms, UBS Financial Services of Puerto Rico and Popular Securities are obligated to give competent and suitable investment advice concerning the Puerto Rico Investors Tax Free Funds. According to attorney Scott Silver, “UBS Financial Services of Puerto Rico and Popular Securities are required to supervise the sale of their proprietary products, including solicited recommendations in securities for which the brokerage firms are dealers of securities registered under the Puerto Rico Investment Company Act. They are required to conduct adequate due diligence to assure the complete disclosure all material information related to the Offering documents concerning the Puerto Rico closed-end funds.” The law firms’ investigation concerns the companies’ failure to supervise brokerage account activities, unsuitable investment advice or misrepresentation and omission of material facts, which are all causes of action that are available to Puerto Rican investors in claims against UBS Financial Services of Puerto Rico and Popular Securities in a securities arbitration filed with the Financial Industry Regulatory Authority (“FINRA”).
The law firms are committed to advocate for investor rights throughout Puerto Rico. Puerto Rican Investors who are interested in learning what action could have prevented the losses are encouraged to contact either of the 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 at (787) 303-0319 for a free consultation or Toll Free at (800) 975-4345.