Shepherd Smith Edwards & Kantas LLP Files Case Involving Jose Ramirez, Carlos Freire, And UBS Financial Services, Inc.
SAN JUAN, Puerto Rico, July 9, 2014 /PRNewswire-HISPANIC PR WIRE/ — Lawyers with the Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, http://www.ubs-taxfree-puertorico.com/, has filed a case on behalf of a former client of Jose Ramirez (“Ramirez”), Carlos Freire (“Freire”), and UBS Financial Services, Inc. (“UBS”). The case alleges that Ramirez and/or Freire recommended and convinced the client to invest virtually her entire net worth in Puerto Rico municipal bonds and UBS proprietary Puerto Rico municipal bond funds. These securities were marketed and sold as low risk investments that would pay the clients high, tax advantaged dividends.
Ramirez, the original broker for the client, was terminated by UBS for encouraging clients to invest proceeds of loans in UBS proprietary Puerto Rico bond funds. Ramirez was later replaced by Freire as the broker for the client. According to the claim, neither Ramirez nor Freire warned the client that UBS’s proprietary Puerto Rican bond funds are highly leveraged, that UBS bonds were potentially unstable, and that UBS was artificially inflating and/or supporting the market for its Puerto Rico bond funds. As a result, this was a highly speculative investment strategy unsuitable for almost any client.
The claim alleges that the client followed the brokers’ recommendations to make these investments and ultimately lost roughly half of her life savings in a short period of time. If you are or were a client of Jose Ramirez and/or Carlos Freire, or suffered losses in any other municipal bond investments made at the recommendation of your broker, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for a free, confidential evaluation of your account. We have a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. More information can also be found on our blog at http://www.stockbrokerfraudblog.com/2013/10/puerto_rico_municipal_bonds.html.
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