Press release from Business Wire
The Securities Arbitration Law Firm of Klayman & Toskes Issues Important Notice To All Former UBS Financial Services of Puerto Rico Advisors Who Sold Puerto Rico Bond Funds To Their Clients
Tuesday, October 22, 2013
The Securities Arbitration Law Firm of Klayman & Toskes Issues Important Notice To All Former UBS Financial Services of Puerto Rico Advisors Who Sold Puerto Rico Bond Funds To Their Clients15:38 EDT Tuesday, October 22, 2013
SAN JUAN, Puerto Rico (Business Wire) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A. of Boca Raton, Florida, (www.sueubspuertorico.com), along with Osvaldo Carlo Linares, Esq. of Carlo Law Offices, P.S.C. in San Juan, Puerto Rico, is investigating UBS Financial Services of Puerto Rico (NYSE: UBS) (“UBS”) relating to the firm's sale of Puerto Rico Bond Funds. Our legal team is interested in speaking with all former UBS financial advisors who have knowledge of the sales practices and representations made by UBS regarding the Puerto Rico Bond Funds. We believe that many UBS advisors were provided with misinformation concerning the Puerto Rico Bond Funds, which in turn was passed on to their clients. Many UBS advisors may not have been aware of the true risks associated with the Bond Funds, or of the concerted effort on the part of UBS to reduce the amount of the Funds it held in inventory. Further, we believe many advisors were unaware of the fact that UBS concealed how they were setting secondary market prices and artificially manipulating demand to create the appearance of liquidity of the market in the Bond Funds, as well as hiding the true value of the Funds. Instead, UBS pushed its advisors to solicit customers to buy shares of the Bond Funds, even telling some that they were not “good advisors” if they did not recommend the Funds. As a result, investors in the Puerto Rico Bond Funds, who were seeking low risk, tax free income, sustained significant losses.
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 (787) 919-7325, or visit us on the web at www.sueubspuertorico.com.
Klayman & Toskes, P.A.
Steven D. Toskes or Jahan K. Manasseh, 787-919-7325