CASE NO. 14-00304
Puerto Rico Investors v. UBS Financial Services, Inc. and UBS Financial Services of Puerto Rico, Inc.
Erez Law represented a retired couple that sustained significant losses in UBS proprietary closed-end funds that invested predominantly in Puerto Rico bonds. The couple were customers of Jose “Whopper” Ramirez who has been fired from UBS and has received a Wells Notice from the S.E.C. in which it indicated that it recommended fraud charges be brought against Mr. Ramirez. The Claimants alleged that Mr. Ramirez recommended an over concentrated position in the UBS Puerto Rico funds and that he recommended the illicit use of a non-purpose loan to invest in securities. The FINRA panel awarded the Claimants $2,545,000.