CHICAGO, May 12, 2014 (GLOBE NEWSWIRE) -- Stoltmann Law Offices announces it has filed two additional FINRA arbitration statement of claims against UBS for actions related to the sales of UBS leveraged closed end funds concentrated in Puerto Rican debt. The claims allege unsuitable investment recommendations, fraud, misrepresentation and omissions and other related claims.
According to Chicago securities fraud attorney Andrew Stoltmann, "Many investors in the closed end UBS sponsored Puerto Rico bond funds may have an actionable claim against UBS for multiple causes of action, including fraud, unsuitable investment recommendations and other related actions. Brokerage firms have the duty to make suitable, appropriate recommendations to clients. 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, "Our most recent FINRA statement of claims allege our clients were defrauded and sold unsuitable and inappropriate mutual funds. The losses for many UBS clients in these funds were devastating and have forced retirees back to work and caused workers who were nearing retirement to delay these plans indefinitely. Many investors couldn't afford to take the risks associated with these investments. Many of the clients couldn't afford to take the risks associated with margin loans. 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 for our claims is UBS."
For more information on recovering investment losses on a contingency fee basis or for a free consultation with an experienced attorney, please call or visit www.UbsBondFundFraud.com
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.