Banks Law Office is responding to an investor alert and launching an investigation into the UBS Puerto Rico Fund. Several of the 23 closed-end funds in question have reportedly lost over half their value, despite being marketed as safe investments by brokerage firms including Merrill Lynch.
A New Your Times Dealbook post reports that some UBS customers were encouraged by brokers to borrow money to invest in these funds believing that they were safe investments. Some UBS clients have allegedly been forced to liquidate investments to meet margin calls. If you invested in UBS Puerto Rican funds on the recommendation of a broker and were unaware of the risks associated with your investment, contact our office immediately to learn more about your situation. Mr. Banks has over 30 years of concentrated experience in FINRA arbitration. He helped write the rules that govern this type of dispute resolution. Claims on the following funds of interest would likely be handled in FINRA arbitration.
— Puerto Rico Fixed Income Fund I (Cusip No. 7447907106)
— Puerto Rico AAA Portfolio Based Funds I and II
— Puerto Rico AAA Portfolio Target Maturity Fund
— Puerto Rico Investor’s Tax-Free Funds I — VI
— Puerto Rico GNMA & U.S. Gov. Target Maturity Fund
— Puerto Rico Investors Bond Fund I
— Puerto Rico Mortgage Backed & US Govt. Fund
— Puerto Rico Fixed Income Funds I — VI
— Tax-Free Puerto Rico Target Maturity Fund