Shepherd Smith Edwards & Kantas LLP Files Claims Involving Enrique Fernandez 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/, have filed claims on behalf of former clients of Enrique Fernandez (“Fernandez”) and UBS Financial Services, Inc. (“UBS”). The claims allege that Fernandez recommended and convinced the clients to invest the vast majority of their accounts 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.
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According to the claims, Fernandez failed to warn the clients 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. Relying upon Fernandez’s recommendations and promises, the clients invested in these Puerto Rico bond investments and ultimately suffered tremendous losses in their accounts in a relatively short period of time.
If you are or were a client of Enrique Fernandez, 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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SOURCE Shepherd Smith Edwards & Kantas LLP