Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on November 6, 2018 indicate that UBS Financial Services and UBS Financial Services of Puerto Rico have been ordered to pay an award exceeding $19 million to a party of investors as the result of a FINRA arbitration. Fitapelli Kurta is interested in hearing from investors who have complaints regarding UBS Financial Services.
According to an award document issued by FINRA, the investors in the arbitration alleged UBS Financial Services breached its fiduciary duty, breached contract, violated industry rules, acted negligently, committed fraud, was negligent in its supervisory duties, committed “false inducement to inaction,” and violated Puerto Rico law in connection to investments in Puerto Rico municipal closed-end funds and Puerto Rico bonds, as well as the “use of lines of credit as investment strategies” in the customers’ accounts.
A FINRA arbitration panel ruled that UBS is liable for $14,909,019 in compensatory damages, 5% post-award interest on those damages, attorneys’ fees totaling $3,878,344.94, costs totaling $215,557, and a filing fee.
According to UBS Financial Services’ BrokerCheck report, this arbitration award is one of 400 documented against the firm.
In 2015, for instance, a customer alleged UBS breached its fiduciary duty, committed fraud, misrepresented material facts, omitted material facts, failed in its supervisory duties, acted negligently, and recommended unsuitable investments in municipal bond funds and mutual funds. In 2016 the complaint resulted in an award to the customer of more than $957,700.
In 2015 a customer alleged UBS breached its fiduciary duty, committed fraud, recommended unsuitable municipal bonds and closed-end funds, acted negligently, and omitted material facts. The complaint resulted in an award to the customer of $750,000.
In 2015 a customer alleged UBS acted negligently, failed to supervise, breached contract, recommended unsuitable municipal bonds and municipal bond funds, breached its fiduciary duty, and committed fraud. In February 2018 the complaint resulted in an award to the customer of $521,075.
In 2015 a customer alleged UBS breached its fiduciary duty, committed fraud, acted negligently, failed in its supervisory duties, misrepresented and omitted material facts, and recommended unsuitable investments. In August 2018 the complaint resulted in an award to the customer of $300,000.
If you or someone you know has a complaint regarding UBS Financial Services, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup lost funds. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.