Puerto Rico

UBS brokers rack up expungements of Puerto Rico complaints

Jose Ramirez says he doesn't recognize the criminal mastermind portrayed in the SEC's complaint against him.

FINRA arbitrators ordered the wealth manager and closed-end funds manager to pay damages as it resolves outstanding claims stemming from the island’s fiscal crisis.

Puerto Rico's default is generating concern over mainland special revenue bonds and distressed issuers, and undercutting confidence in municipal credit nationwide.

The wirehouse alleges two arbitrators failed to disclose key information about their professional and personal histories.

An arbitration panel ordered the wirehouse to settle the latest dispute stemming from client investment losses tied to the island commonwealth's massive debt crisis.

A FINRA panel ordered the wirehouse to pay damages to two former clients who invested in Puerto Rican municipal bonds and closed-end funds.

With a debt restructuring likely, analysts see potential investment opportunities on the island, where clients from firms like UBS have sought to recoup losses on closed-end funds of municipal bonds.

In the latest in a series of cases, an arbitration panel has sided with a client against UBS, ordering the wirehouse to pay nearly $1.5 million in damages related to UBS' sale of Puerto Rican bonds and closed-end funds.

A FINRA panel ordered the wirehouse to pay a client $95,000 for losses relating to bonds issued by the island commonwealth. By contrast, UBS says it faces more than $1 billion in similar claims.

The firm suffered another arbitration loss this week to clients seeking damages related to the firm's closed-end funds of Puerto Rico municipal bonds.

An arbitration panel ordered the wirehouse to pay two former clients $250,000, a mere 10% of what they originally sought, in a case involving the sale of funds of Puerto Rican municipal bonds.

Now that its private-equity injection is almost a done deal, First BanCorp's natural next move would be to consolidate power in Puerto Rico. Unless it sells itself instead.