In an arbitration proceeding against UBS Financial Services, Inc. of Puerto Rico (UBS-PR), the Law Offices of Robert Wayne Pearce, P. A. won a $600,000 plus interest award for one of the firm’s clients this week.
The case arose out of the alleged misrepresentations and unsuitable recommendations by a UBS PR financial advisor to our client that he purchase and then hold an excessive concentration of UBS-PR closed-end bond funds in his investment account. UBS-PR, through its representatives, made false representations and misleading statements to our client about both the nature and risk of the closed-end bond fund and investment strategy.
As a result, the client’s investment portfolio was not diversified and was overconcentrated in securities issued in a single geographic area, i.e., Puerto Rico. UBS-PR and its employees not only violated the FINRA Code of Conduct and Puerto Rico securities laws, but they also committed fraud, breached their fiduciary duties to our client, and were negligent in advising him. UBS-PR also negligently failed to supervise its employees.
Had UBS Puerto Rico enforced its own policies and procedures and followed industry rules and regulations, our client may not have suffered substantial investment losses. Fortunately, the arbitrators recognized the brokerage firm’s negligence and issued an award in favor of our client.
Have you suffered losses in your UBS Puerto Rico or other brokerage firm investment account due to the unsuitable recommendations and/or misrepresentations of your broker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against UBS Puerto Rico stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.