The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

The Securities Arbitration Law Firm of Klayman & Toskes Continues to Investigate the Sales Practices of UBS Financial Services of Puerto Rico In Connection With the Sale of Puerto Rico Bond Funds

Monday, October 07, 2013

The Securities Arbitration Law Firm of Klayman & Toskes Continues to Investigate the Sales Practices of UBS Financial Services of Puerto Rico In Connection With the Sale of Puerto Rico Bond Funds

19:34 EDT Monday, October 07, 2013

BOCA RATON, Fla. (Business Wire) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. (http://www.nasd-law.com; or en español: http://nasd-law.com/es/) announced today that it is continuing to investigate the sales practices of UBS Financial Services of Puerto Rico (“UBS”) (NYSE:UBS) in connection with the sale of Puerto Rico bond funds, as well as the losses sustained by investors in these funds. These funds include the following:

  • Puerto Rico AAA Portfolio Bond Funds I and II
  • Puerto Rico AAA Portfolio Target Maturity Fund
  • Puerto Rico Investors Tax-Free Funds I -- VI
  • Puerto Rico GNMA & U.S. Govt. Target Maturity Fund
  • Puerto Rico Investors Bond Fund I
  • Puerto Rico Mortgage Backed & US Govt. Fund
  • Puerto Rico Fixed Income Funds I through VI
  • Tax-Free Puerto Rico Target Maturity Fund
  • Tax-Free Puerto Rico Funds I and II

According to The New York Times, some UBS customers were encouraged to buy securities on lines of credit in violation of the brokerage firm's policy. Additionally, many clients took out margin loans to buy into these funds. With many of the bond funds already highly leveraged themselves, in some cases as high as 53%, losses can be exasperated when the value of the funds decline. Now, many UBS clients have been forced to liquidate hundreds of millions of dollars in holdings in these funds after incurring margin calls. As a result of the losses, securities arbitration claims have already begun to be filed with FIRNA's arbitration department to recover losses on behalf of Puerto Rico closed-end bond fund investors.

Klayman & Toskes has substantial experience in the field of securities arbitration and litigation, representing investors all over the world against full-service brokerage firms. If you have information relating to this investigation, please contact Steven D. Toskes or Jahan K. Manasseh of Klayman & Toskes, P.A., at 888-997-9956, or visit us on the web at http://www.nasd-law.com, or en español: http://nasd-law.com/es/.

Klayman & Toskes, P.A.
Steven D. Toskes or Jahan K. Manasseh, 888-997-9956

Products
  • Globe Unlimited

    Digital all access pass across devices. subscribe

  • The Globe and Mail Newspaper

    Newspaper delivered to your doorstep. subscribe

  • Globe2Go

    The digital replica of our newspaper. subscribe

  • Globe eBooks

    A collection of articles by the Globe. subscribe

See all Globe Products

Advertise with us

GlobeLink.ca

Your number one partner for reaching Canada's Influential Achievers. learn more

The Globe at your Workplace
Our Company
Customer Service
Globe Recognition
Mobile Apps
NEWS APP
INVESTING APP
Other Sections