UBS agreed to compensate 34 Puerto Rico-based investors for their losses in investments in their municipal bond closed ended funds.

UBS Financial Services of Puerto Rico agreed to the restitution following an investigation by the Puerto Rico Office of the Commissioner of Financial Institutions, the office said in a statement Thursday. UBS agreed to $1.681 million restitution for the 34 clients and to provide a $3.5 million contribution to the Securities Trading, Investor Education, and Investigation Fund.

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