FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--Soreide Law Group has filed claims on behalf of investors who purchased Puerto Rican bond funds and individual Puerto Rican bonds through UBS, and is investigating other Puerto Rican based brokerage firms such as Santander Securities and Banco Popular who offered similar investments.
Many UBS brokers relied heavily on both the federal and local tax benefits gained by investors in Puerto Rico, a commonwealth, to sell the investment. Many investors were encouraged to buy these funds on margin or with leverage despite the fact that many of the funds already utilize leverage.
In May 2012, UBS Financial Services Inc. of Puerto Rico settled with the SEC for $26.6 million over claims that it had been making misrepresentations and omissions of material facts to numerous retail customers in Puerto Rico regarding the secondary market liquidity and pricing of UBS PR-affiliated, non-exchange-traded closed-end funds. The settlement related to the alleged misrepresentations made to investors regarding the following Funds:
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UBS Financial Services of Puerto Rico Inc.; |
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UBS Trust Company of Puerto Rico; |
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Puerto Rico Fixed Income Fund I, Inc. (Cusip # 744907106) |
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Puerto Rico Fixed Income Fund II, Inc. (Cusip # 744908104) |
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Puerto Rico Fixed Income Fund III, Inc. (Cusip #744909102) |
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Puerto Rico Fixed Income Fund IV, Inc. (Cusip #74528A105) |
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Puerto Rico Fixed Income Fund V, Inc. (Cusip #744909102) |
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Puerto Rico Fixed Income Fund VI, Inc. (Cusip #744909102) |
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Puerto Rico Investors Tax-Free Fund, Inc.; (Cusip #87675M102) |
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Puerto Rico Investors Tax-Free Fund, Inc. III; |
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Puerto Rico AAA Portfolio Bond Fund, Inc.; (Cusip #74514P108) |
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Puerto Rico AAA Portfolio Bond Fund II, Inc., (Cusip #74514T100) |
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Puerto Rico AAA Portfolio Target Maturity Fund, Inc.; (Cusip #74514M105) |
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Tax Free Puerto Rico Target Maturity Fund Inc. (Cusip #87675W100) |
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Puerto Rico Mortgage-Backed & Government Securities Fund, Inc. (Cusip #74528E107) |
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Puerto Rico GNMA & US Government, Inc. (Cusip #74528E107) |
If you purchased Puerto Rican Bond Funds please contact Soreide Law Group at (888) 760-6552 for a free consultation. Soreide Law Group represents international investors and investors across the United States. There is no fee if there is no recovery. For more information on how to get in touch with securities attorney Lars Soreide of Soreide Law Group, PLLC, and on UBS bond losses please visit: http://www.securitieslawyer.com/ubspuertoricofundloss.html
