SAN JUAN, Puerto Rico, Feb. 17, 2014 (GLOBE NEWSWIRE) -- The Silver Law Group announces the recent filing of a securities arbitration claim for $1.3 million with Financial Regulatory Industry Authority (FINRA) (Case No. 14-00183) against UBS Financial Services and UBS Financial Services of Puerto Rico ("UBS") branch office located in Guaynabo, Puerto Rico. According to the FINRA securities arbitration claim, UBS recommended that the business owners concentrate the vast majority of their business operating capital into UBS proprietary, non-traded closed-end bond funds. UBS recommendations resulted in significant losses in the UBS Puerto Rico Fixed Income Fund, UBS Puerto Rico Investors Tax Free Fund and UBS Puerto Rico Mortgage-Backed and US Government Securities Fund.
According to Scott L. Silver, Managing Partner of Silver Law Group, "Our clients are conservative investors and did not want to invest in anything risky." Mr. Silver explains, "Our clients maintained a significant seven-figure sum with UBS which was originally invested in cash equivalents like commercial paper to meet business operating needs and were solicited to invest in illiquid, non-traded proprietary closed-end funds." Mr. Silver reminds investors, "Puerto Rico is a special situation where many of our clients were moved out of conservative, liquid investments, put into UBS closed-end funds and now realize they are trapped in a plummeting market with their life savings."
Silver Law Group is conducting current investigations of UBS Financial Services of Puerto Rico and its representatives. According to FINRA, unsuitable investment advice, geographic concentration in Puerto Rico bonds, failure to supervise the activities of financial advisors, and fraudulent misrepresentations and omissions of material facts are among the claims that are available to investors to recover their losses with a securities arbitration claim filed with FINRA.
The Silver Law Group has Martindale Hubbell "AV" Preeminent Peer Review™ rated lawyers committed to the advocacy of investor rights for Puerto Rico investors who suffered UBS Bond Fund Losses. Our attorneys have significant experience representing investors in FINRA arbitration claims and are working closely with Puerto Rico counsel. If you have questions about your legal rights, or have been the victim of investment fraud, please contact us.
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CONTACT: Scott L. SilverSilver Law Group11780 W. Sample RoadCoral Springs, Florida 33065
Source: Silver Law Group