CHICAGO, Oct. 9, 2013 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announces it is preparing FINRA arbitration claims against UBS for sales of UBS Puerto Rico closed end municipal bond funds. The claims center around issues related to the suitability and appropriateness of recommending municipal bond funds on margin or credit to various UBS clients in Puerto Rico, along with the supervision of the advisors who made these recommendations.
According to Chicago securities attorney Andrew Stoltmann, "We've recently received reports UBS is asking burned investors to put their complaint in writing and submit it to the firm. We recommend clients don't do that and speak with an attorney first about all legal options they may have against UBS, including FINRA arbitration claims, lawsuits or class action lawsuits. Often, brokerage firms attempt to lock a client into a version of what happened before rejecting any claims for compensation. 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 clients in Puerto Rico were sold UBS proprietary closed 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 of the arbitration claims and lawsuits will be 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.