Former UBS Puerto Rico Financial Advisor Under Investigation

Jul. 31, 2015 11:01 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Contributor Since 2012

Soreide Law Group, PLLC, is a securities litigation firm that is committed to helping victims recover financial losses due to fraudulent or negligent conduct on behalf of stock brokers or financial advisors. We are able to represent investors nationwide in the handling of their securities arbitration claims. Our securities lawyers have recovered investment losses due to stock broker negligence or securities fraud from almost every major Wall Street firm in the country. We have brought millions of dollars in securities arbitration claims on behalf of investors before FINRA. 9 out of 10 securities cases Soreide Law Group has brought on behalf of defrauded investors has resulted in a monetary recovery. Of course, results vary and we do not guarantee results

A former UBS Group AG Puerto Rico financial advisor, José Ramirez, also known as the "Whopper," is allegedly the target of a currently unnamed U.S. Justice Department criminal probe. Ramirez is also under investigation by the Financial Industry Regulatory Authority (FINRA), and the Securities and Exchange Commission (SEC).

These probes are related to the allegations that Ramirez advised his clients to take loans from UBS to buy Puerto Rican bonds. However, terms of the loans barred the purchase of securities using the funds from the loans.

There have been previous clients of UBS who filed civil claims against UBS and Ramirez. These claims stemmed from allegations that they lost a large amount of their savings after being advised to borrow money to buy the bond funds. Ramirez received a Wells notice from the SEC notifying him that FINRA was considering civil charges because he had violated parts of the Exchange Act and the Securities Act.

With a decline in the value of bonds issued by the financially troubled Puerto Rico, UBS has become emerged in significant legal trouble, due to a decline in the value of bonds issued by the financially troubled island. This has sparked a flood of complaints from clients who purchased funds that included the debt, and now to a number of regulatory probes from the SEC and FINRA related to clients' use of loans to invest in the Puerto Rico bond funds, and to supervisory issues.

Security Lawyer, Lars Soreide of Soreide Law Group is quoted in several national publications regarding the lawsuits he has filed against UBS on behalf of his clients. Please see some the blog articles regarding Soreide Law Group and the lawsuits filed against UBS at:

Soreide Law Group is still actively filing cases against broker/dealers for investors who suffered substantial losses from Puerto Rican bond investments. Call (888) 760-6552, for a free consultation if you've invested in Puerto Rico Bond Funds.

Soreide Law Group is currently representing investors nationally and internationally in Puerto Rico bond loss cases.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Recommended For You


To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.