A retired couple received a $2.5 million award in a UBS Puerto Rico bond case. The retired couple claimed that their funds were improperly concentrated in the proprietary closed-end Puerto Rican bond funds. In 2013, the bonds began to lose their value, which resulted in a $2.1 million loss for the couple. The retired couple's broker, Joseph Ramirez, Jr., is the subject of multiple customer complaints and exercised his Fifth Amendment right against self-incrimination when called to testify at the arbitration.
If you believe you have been victimized by securities fraud, financial malpractice, or theft by a FINRA registered broker, please call the securities attorneys of the Costello Law Group at (877) 418-0003 for a free consultation.
To read more, please visit: http://www.investmentnews.com/article/20150812/FREE/150819962/ubs-hit-with-2-5-million-award-in-puerto-rico-case