CHICAGO, Oct. 3, 2013 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announces its continued investigation into UBS Puerto Rico for sales practices related to its leveraged closed end bond funds. Many investors in the closed end and open end Puerto Rico related bond funds may have an actionable claim against UBS for multiple causes of action, including fraud, unsuitable investment recommendations and other related actions.
According to Chicago securities attorney Andrew Stoltmann, "Brokerage firms have the duty to make suitable, appropriate recommendations to clients. In addition, firms cannot misstate the risks or omit material, important risks associated with an investment. Failure to do so can make the firm responsible for the losses the client sustains.
According to Stoltmann, "We believe many conservative or elderly clients in Puerto Rico were sold UBS proprietary closed end and open end investments without having been told the full risks associated with the products, including the utilization of leverage. In some cases, the true risks of these investments were not disclosed to the clients. Many investors couldn't afford to take the risks associated with these investments. For clients who invested in the following funds, some, or all, of the investment losses might be recoverable through the FINRA arbitration process or through lawsuits, or class action lawsuits: Tax-Free Puerto Rico Fund, Tax-Free Puerto Rico Fund II, Tax-Free Puerto Rico Target Maturity Fund, Puerto Rico AAA Portfolio Target Maturity Fund, Inc., Puerto Rico AAA Portfolio Bond Fund, Puerto Rico AAA Portfolio Bond Fund II, Puerto Rico GNMA & U.S. Government Target Maturity Fund, Puerto Rico Mortgage-Backed & U.S. Government Securities Fund, Puerto Rico Fixed Income Fund, Puerto Rico Fixed Income Fund II, Puerto Rico Fixed Income Fund III, Puerto Rico Fixed Income Fund IV, Puerto Rico Fixed Income Fund V, Puerto Rico Fixed Income Fund VI, Puerto Rico Short Term Investment Fund, Multi-Select Securities Puerto Rico Fund, UBS IRA Select Growth & Income Puerto Rico Fund, Puerto Rico Investors Family of Funds, Puerto Rico Investors Tax-Free Fund, Puerto Rico Investors Tax-Free Fund II, Puerto Rico Investors Tax-Free Fund III, Puerto Rico Investors Tax-Free Fund IV, Puerto Rico Investors Tax-Free Fund V, Puerto Rico Investors Tax-Free Fund VI, Puerto Rico Tax-Free Target Maturity Fund, Puerto Rico Tax-Free Target Maturity Fund II, Inc., Puerto Rico Investors Bond Fund I."
Stoltmann also disclosed: "UBS financial advisors are not our targets and we will not be naming them in any FINRA arbitration claims. Our exclusive target is UBS."
For more information on recovering investment losses on a contingency fee basis, please visit www.InvestmentFraud.Pro.
CONTACT: Stoltmann Law Offices Andrew Stoltmann o: 312-332-4200 c: 312-545-5711 10 S. LaSalle 35th Floor Chicago, IL 60603Source:Stoltmann Law Offices P.C.