{"id":38531,"date":"2014-07-09T21:18:09","date_gmt":"2014-07-10T01:18:09","guid":{"rendered":"http:\/\/hispanicprwire.com\/?p=38531"},"modified":"2014-07-09T21:31:08","modified_gmt":"2014-07-10T01:31:08","slug":"shepherd-smith-edwards-kantas-llp-presenta-demandas-en-nombre-de-multiples-clientes-de-david-lugo-y-ubs-financial-services-inc","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/shepherd-smith-edwards-kantas-llp-presenta-demandas-en-nombre-de-multiples-clientes-de-david-lugo-y-ubs-financial-services-inc\/","title":{"rendered":"Shepherd Smith Edwards &#038; Kantas LLP Files Claims On Behalf Of Multiple Clients Of David Lugo And UBS Financial Services, Inc."},"content":{"rendered":"<p><html><br \/>\n  <head><br \/>\n    <META http-equiv=\"Content-Type\" content=\"text\/html; charset=utf-8\"><\/META><\/p>\n<style type=\"text\/css\">\n\/* Style Definitions *\/\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}<\/p>\n<p>BODY {\nFONT-SIZE: 0.83em; COLOR: black; FONT-FAMILY: \"Arial\"\n}\nA {\nCOLOR: blue\n}\n#divWide\n{\nmargin:0;\nmargin-top:1.33em;\n}\nLI {\nFONT-SIZE: 10pt; COLOR: black; FONT-FAMILY: \"Arial\"\n}\n<\/style>\n<p><\/head><br \/>\n  <body topmargin=\"0\" leftmargin=\"0\"><br \/>\n    <\/p>\n<div id=\"divHeadline\" style=\"width:800px;margin-left:10pt\">\n      <!-- #Begin headline --><\/p>\n<p style=\"TEXT-ALIGN: center\">\n        <b><br \/>\nShepherd Smith Edwards &amp; Kantas LLP Files Claims On Behalf Of Multiple Clients Of David Lugo And UBS Financial Services, Inc. <\/b>\n      <\/p>\n<p>      <!-- #End headline -->\n    <\/div>\n<div id=\"divBody\" style=\"width:800px;margin-left:10pt\">\n      <!-- #Begin release --><br \/>\n<!-- #Begin Wide Release --><\/p>\n<div id=\"divWide\">\n<p>SAN JUAN, Puerto Rico, July 9, 2014 \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Lawyers with the Securities Law Firm of Shepherd Smith Edwards &amp; Kantas LLP, <a href=\"http:\/\/www.ubs-taxfree-puertorico.com\/\" target=\"_blank\">http:\/\/www.ubs-taxfree-puertorico.com\/<\/a>, have filed more claims on behalf of former clients of David Lugo (&#8220;Lugo&#8221;) and UBS Financial Services, Inc. (&#8220;UBS&#8221;).\u00a0 These cases allege that Lugo recommended clients invest huge portions of their accounts, which also were often large concentrations of the clients&#8217; total net worth, in Puerto Rico municipal bonds and UBS proprietary Puerto Rico municipal bond funds.\u00a0 These securities were marketed and sold as low risk investments that would pay the clients high, tax advantaged dividends.\u00a0 <\/p>\n<p>Logo &#8211; <a href=\"http:\/\/photos.prnewswire.com\/prnh\/20131011\/DA96469LOGO\" target=\"_blank\">http:\/\/photos.prnewswire.com\/prnh\/20131011\/DA96469LOGO<\/a> <\/p>\n<p>The claims further allege that Lugo recommended to many of his clients that they borrow money against their UBS accounts and invest the proceeds in even more municipal bonds and bond funds, claiming this was a low risk way of increasing their returns.\u00a0 According to the claim, Lugo did not warn the clients that what he was recommending was expressly not allowed under UBS rules and U.S. banking regulations, and was actually an incredibly high risk investment strategy, contrary to Lugo&#8217;s promises.<\/p>\n<p>The claims also allege Lugo did not warn clients that UBS&#8217;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.\u00a0 Between the borrowed money and the large risks inherent in the UBS Puerto Rico bond funds, this was a highly speculative investment strategy unsuitable for almost any client.\u00a0 As a result of these recommendations, Lugo&#8217;s clients saw tremendous losses in their accounts, which represented almost all of the clients&#8217; life savings.\u00a0 Attorneys with the law firm Shepherd, Smith, Edwards &amp; Kantas LLP are currently in the process of trying to recover these losses from UBS for Lugo&#8217;s clients.<\/p>\n<p>If you are or were a client of David Lugo, or suffered losses in any other municipal bond investments made at the recommendation of your broker, contact the law firm of Shepherd, Smith, Edwards &amp; Kantas LLP for a free, confidential evaluation of your account. \u00a0We 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. \u00a0More information can also be found on our blog at <a href=\"http:\/\/www.stockbrokerfraudblog.com\/2013\/10\/puerto_rico_municipal_bonds.html\" target=\"_blank\">http:\/\/www.stockbrokerfraudblog.com\/2013\/10\/puerto_rico_municipal_bonds.html<\/a>. <\/p>\n<p>Contact Info: 800-259-9010<br \/>713-580-8914 to speak to Spanish fluent staff<br \/>Sam Edwards <a href=\"mailto:sedwards@sseklaw.com\" target=\"_blank\">sedwards@sseklaw.com<\/a><br \/>Kirk Smith <a href=\"mailto:ksmith@sseklaw.com\" target=\"_blank\">ksmith@sseklaw.com<\/a><br \/>Luis Acevedo <a href=\"mailto:lacevedo@sseklaw.com\" target=\"_blank\">lacevedo@sseklaw.com<\/a><\/p>\n<p>SOURCE  Shepherd Smith Edwards &#038; Kantas LLP\n<\/div>\n<p><!-- #End Wide Release --><\/p>\n<div id=\"divMediaContact\">\n<p>\u00a0<\/p>\n<\/div>\n<p><!-- #End release --><\/div>\n<p>\n  <\/body><br \/>\n<\/html> <\/p>","protected":false},"excerpt":{"rendered":"<p>Shepherd Smith Edwards &amp; Kantas LLP Files Claims On Behalf Of Multiple Clients Of David Lugo And UBS Financial Services, Inc. SAN JUAN, Puerto Rico, July 9, 2014 \/PRNewswire-HISPANIC PR WIRE\/ &#8212; Lawyers with the Securities Law Firm of Shepherd Smith Edwards &amp; Kantas LLP, http:\/\/www.ubs-taxfree-puertorico.com\/, have filed more claims on behalf of former clients [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,18],"tags":[],"class_list":["post-38531","post","type-post","status-publish","format-standard","hentry","category-negocios-y-finanzas","category-general"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/38531","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/comments?post=38531"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/38531\/revisions"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=38531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=38531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=38531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}