Jose Ramirez, UBS, Securities Fraud Investigation

Jose Ramirez, former UBS Broker sentenced to Prison for Fraud According to reports Investment News last week, Jose Ramirez, former top UBS broker in Puerto Rico was sentenced to a year and a day in prison after pleading guilty to criminal bank fraud in November. Ramirez reportedly admitted to profiting by nearly $1 million in customer commissions, by selling UBS proprietary closed-end bond funds, according to CNBC. Many of his clients reportedly lost their life savings due to the scheme. According to his FINRA BrokerCheck report, Ramirez was a registered representative with UBS for sixteen years until he was reportedly fired in 2014 because “he had permitted, and in some cases encouraged, certain clients to reinvest non-purpose loan proceeds into closed-end funds in violation of firm policy and the clients’ loan agreements, and provided misleading responses to branch management when asked about certain account activity.” His broker reports states that Ramirez…

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