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Notice to Former and Retired Pharmaceutical Employees Concerning Pension and Stock Option Plan Losses

Silver Law Group and Dimond Kaplan and Rothstein, PA are currently investigating UBS Financial Services of Puerto Rico, Oriental Financial Service and other brokerage firms for FINRA sales practice rule violations related to the sale of UBS Puerto Rico Closed-End Bond Funds and Puerto Rico Municipal Bonds to former and retired Pharmaceutical employees concerning retirement plan rollovers and stock option plan losses. Former and retired Pharmaceutical employees who worked in Puerto Rico commercial and manufacturing facilities located in the following cities, amongst others, may be affected:

  • Abbott – Barceloneta
  • AbbVie – Barceloneta, Jayuya, San Juan
  • Allergan
  • Amgen – Juncos
  • Astra Zeneca – Canóvanas
  • Eli Lilly Del Caribe – Carolina, Guayama, San Juan
  • GlaxoSmithKline – San Juan
  • Johnson & Johnson – Aguadilla, Caguas, Guaynabo, Gurabo, Las Piedras, Manati, San Lorenzo
  • Merck Sharp & Dohme – Arecibo, Barceloneta, Carolina, Las Piedras
  • Novartis – Guaynabo, Humacao
  • Pfizer – Barceloneta, Guayama, San Juan, Vega Baja
  • Procter & Gamble – Cayey
  • Sanofi – Guaynabo
  • Warner Chilcott – Fajardo, Manati

The investigation involves the inducement of former and retired Pharmaceutical 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 assetsUBS Financial Services of Puerto Rico, Oriental Financial Service and other brokerage firms, and its financial advisors’ violations of Financial Industry Regulatory Authority (FINRA) sales practice rules can be characterized by various infractions which can result in a legal cause of action. FINRA sales practice violations which can result in claims for damages include:

Unsuitable Investment Advice       Bank Loans and Margin Calls
Breach of Fiduciary Duty       Negligence
Misrepresentations & Omissions       Conflicts of Interest
Excessive Markups/Markdowns       Geographic Concentration in Puerto Rico
Failure to Supervise

Many former and retired Pharmaceutical 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. In addition, financial advisors recommended the use of margin and UBS Bank Loans as a source of liquidity to meet investor cash needs who now face margin calls after share prices declined in value.

Our legal team currently represents investors in 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 are encouraged to contact our law firm. 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.