FINRA Orders UBS Financial Services to Pay $250,000 in Puerto Rico Bond Case

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on August 2, 2018 indicate that UBS Financial Services of Puerto Rico has been ordered to pay an award of $250,000 in a claim involving Puerto Rico municipal bond products. FINRA records indicate that the claim was filed in 2016 by a group of claimants including Antonio Corretjer-Benvenutti, Roberto Corretjer-Piquer, Alberto Corretjer-Reyes, Matilde Nadal De Vidal, Inc., and the Roberto Corretjer-Piquer Retirement Plan. The claimants allege that UBS Financial Services of Puerto Rico recommended unsuitable investments, breached its fiduciary duty, over-concentrated investments, committed fraud, failed in its supervisory duties, breached contract, acted negligently, and negligently misrepresented and omitted material facts in connection to investments in Puerto Rican proprietary closed-end bonds and municipal bonds. In their initial claim, the claimants sought rescission,…

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