{"id":67991,"date":"2019-03-22T10:00:00","date_gmt":"2019-03-22T14:00:00","guid":{"rendered":"https:\/\/hispanicprwire.com\/english-26-million-fair-fund-settlement-for-investors-of-certain-ubs-financial-services-inc-of-puerto-rico-funds-established-by-the-securities-exchange-commission-sec\/"},"modified":"2019-03-22T10:03:53","modified_gmt":"2019-03-22T14:03:53","slug":"acuerdo-de-fondo-de-compensacion-de-26-millones-para-inversionistas-en-ciertos-fondos-de-ubs-financial-services-inc-de-puerto-rico-establecido-por-la-comision-de-bolsa-y-valores-securities-ex","status":"publish","type":"post","link":"https:\/\/hispanicprwire.com\/en\/acuerdo-de-fondo-de-compensacion-de-26-millones-para-inversionistas-en-ciertos-fondos-de-ubs-financial-services-inc-de-puerto-rico-establecido-por-la-comision-de-bolsa-y-valores-securities-ex\/","title":{"rendered":"$26 MILLION FAIR FUND SETTLEMENT FOR INVESTORS OF CERTAIN UBS FINANCIAL SERVICES INC. OF PUERTO RICO FUNDS ESTABLISHED BY THE SECURITIES &amp; EXCHANGE COMMISSION (&#8220;SEC&#8221;)"},"content":{"rendered":"<p><\/p>\n<style type=\"text\/css\"><![CDATA[\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}\n.prngen2{\nBORDER-TOP:1pt; BORDER-RIGHT:1pt; VERTICAL-ALIGN: BOTTOM; BORDER-BOTTOM:1pt; PADDING-LEFT:0.50em; BORDER-LEFT:1pt; PADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n]]><\/style>\n<div class=\"xn-content\">\n<p><span class=\"xn-location\">WASHINGTON<\/span>, <span class=\"xn-chron\">March 22, 2019<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;<\/p>\n<p class=\"prntac\"><b>In the Matter of<br \/><\/b><b>UBS FINANCIAL SERVICES INC. OF <span class=\"xn-location\">PUERTO RICO<\/span><br \/><\/b><b>Admin. Proc. File No. 3-14863<\/b><\/p>\n<p><b>TO:\u00a0 INVESTORS IN ANY OF THE TWENTY-THREE (23) NON-EXCHANGE-TRADED, CLOSED-END FUNDS AFFILIATED WITH UBS FINANCIAL SERVICES INC. OF <span class=\"xn-location\">PUERTO RICO<\/span> (&#8220;UBS PR&#8221;) WHO WERE HARMED BY UBS FINANCIAL SERVICES INC. OF <span class=\"xn-location\">PUERTO RICO&#8217;S<\/span> OMISSIONS OR MISREPRESENTATIONS CONCERNING THE PRICING OF THEIR INVESTMENTS FROM <span class=\"xn-chron\">MAY 15, 2008<\/span> THROUGH <span class=\"xn-chron\">SEPTEMBER 30, 2009<\/span><\/b><b>, AND\/OR BY THEIR FAILURE TO EXECUTE MARKETABLE SELL ORDERS PLACED BY THE INVESTORS FROM <\/b><b><span class=\"xn-chron\">MARCH 1, 2009<\/span> THROUGH <span class=\"xn-chron\">SEPTEMBER 30, 2009<\/span>. THE AFFECTED FUNDS ARE:<\/b><\/p>\n<div>\n<table id=\"convertedTablef5bf\" cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR GNMA &amp; U.S. Government Target Maturity Fund;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Fixed Income Fund VI; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Mortgage Backed &amp; U.S. Government Fund;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Tax Free Target Maturity Fund I; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR AAA Portfolio Target Maturity Fund;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Tax Free Target Maturity Fund II; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR AAA Portfolio Bond Fund I;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Tax Free PR Target Maturity Fund;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR AAA Portfolio Bond Fund II;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Tax Free PR Fund I; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Investors Bond Fund;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>Tax Free PR Fund II; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Fixed Income Fund I;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Investor&#8217;s Tax-Free Fund I;<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Fixed Income Fund II;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Investor&#8217;s Tax-Free Fund II; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Fixed Income Fund III;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Investor&#8217;s Tax-Free Fund III; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Fixed Income Fund IV;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b><b>PR Investor&#8217;s Tax-Free Fund IV;<\/b><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Fixed Income Fund V;<b>\u00a0<\/b><\/b><\/span><\/p>\n<\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Investor&#8217;s Tax-Free Fund V; <\/b><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\"><\/td>\n<td class=\"prngen2\">\n<p class=\"prnews_p\"><span class=\"prnews_span\"><b>PR Investor&#8217;s Tax-Free Fund VI.<\/b> <\/span><\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p><b>IF YOU WERE AN INVESTOR IN ANY OF THE UBS FINANCIAL SERVICES INC. OF <span class=\"xn-location\">PUERTO RICO<\/span> FUNDS LISTED ABOVE, YOU MAY BE ENTITLED TO A RECOVERY FROM THE UBS PR FAIR FUND.<\/b><\/p>\n<p>Please read the complete Distribution Plan Notice of UBS PR Fair Fund to UBS Financial Services Inc. of Puerto Rico Investors (&#8220;Notice&#8221;) carefully as it contains important information regarding your rights.\u00a0 This publication notice is only a brief summary of the\u00a0Notice.<\/p>\n<p><b>Overview of the Administrative Proceeding<\/b><\/p>\n<p>On <span class=\"xn-chron\">May 1, 2012<\/span>, the Commission issued an order (&#8220;Order&#8221;)<sup>1<\/sup> finding that from <span class=\"xn-chron\">May 15, 2008<\/span> through <span class=\"xn-chron\">September 30, 2009<\/span>, UBS PR made misrepresentations and omissions of material facts to investors in <span class=\"xn-location\">Puerto Rico<\/span> regarding the secondary market liquidity and pricing of the Funds (&#8220;Mispriced Transactions&#8221;). In addition, the Commission found that from <span class=\"xn-chron\">March 1, 2009<\/span> through <span class=\"xn-chron\">September 30, 2009<\/span>, UBS PR effectively prevented investors from selling their Fund shares by failing to execute marketable sell orders placed by the investors (&#8220;Delayed Sales Transactions&#8221;).\u00a0 <\/p>\n<p>In accordance with the Order, UBS PR paid <span class=\"xn-money\">$26,609,739.94<\/span> to the Commission that consisted of <span class=\"xn-money\">$11,500,000.00<\/span> in disgorgement, <span class=\"xn-money\">$1,109,739.94<\/span> in prejudgment interest, and a <span class=\"xn-money\">$14,000,000.00<\/span> civil money penalty. The Order created the Fair Fund pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002, as amended. UBS PR paid the total <span class=\"xn-money\">$26,609,739.94<\/span> as ordered (the &#8220;Fair Fund&#8221;). The purpose and intent of the Distribution Plan is a fair and reasonable distribution of the Fair Fund to investors harmed by UBS PR&#8217;s conduct described in the Order. <\/p>\n<p>The Distribution Plan has been approved by the Commission and the Commission retains jurisdiction over implementation of the Distribution Plan.<\/p>\n<p><b>Who is Eligible<\/b><\/p>\n<p>The purpose\u00a0and intent of the Distribution Plan is\u00a0a fair and reasonable\u00a0distribution of\u00a0the Fair Fund to investors harmed\u00a0by UBS PR&#8217;s\u00a0conduct. The Plan of Allocation, as more fully described in the Distribution Plan, contains two methodologies for calculating investors&#8217; harm: one for Mispriced Transactions and one for Delayed Sale Transactions.<\/p>\n<p>The first methodology, for Mispriced Transactions, is for\u00a0investors\u00a0who bought\u00a0or sold shares of\u00a0one\u00a0or more of the Eligible Securities\u00a0from\u00a0May 15, 2008 through <span class=\"xn-chron\">September 30, 2009<\/span>, and whose investments were affected by the misrepresentations and\u00a0omissions by UBS PR regarding\u00a0pricing of their investment. <\/p>\n<p>The second\u00a0methodology, for Delayed Sale Transactions, applies to those investors who submitted marketable orders to sell between <span class=\"xn-chron\">March 1, 2009<\/span> and <span class=\"xn-chron\">September 30, 2009<\/span>, and whose transactions were not executed by UBS PR, either in part or in full. For the Delayed Sale Transactions, investors are eligible to submit a claim as long as investors subsequently placed another order to sell shares and the shares were sold by the close of the markets on <span class=\"xn-chron\">January 16, 2018<\/span> (the last date on which closing prices are available) and incurred harm as defined by the Plan of Allocation. <\/p>\n<p><b>How to File a Claim<\/b><\/p>\n<p>The Notice and Certification Form is being mailed to all identifiable and potentially-eligible claimants who are determined to have been harmed by the Mispriced Transactions or Delayed Sales Transactions in any of the UBS Financial Services Inc. of Puerto Rico Funds listed above between <span class=\"xn-chron\">May 15, 2008<\/span> and <span class=\"xn-chron\">September 30, 2009<\/span>. If you did not receive the printed Notice and Certification Form, you may obtain copies by downloading them from the UBS PR Fair Fund&#8217;s Website at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=2411061-1&amp;h=1201426326&amp;u=http%3A%2F%2Fwww.ubsprfairfund.com%2F&amp;a=www.UBSPRFairFund.com\" rel=\"nofollow\">www.UBSPRFairFund.com<\/a>. Additionally you may contact the Fund Administrator to request a copy by phone, email or mail:<\/p>\n<p class=\"prntac\">UBS PR Fair Fund<br \/>c\/o A.B. Data, Ltd. <br \/>P.O. Box 170500<br \/><span class=\"xn-location\">Milwaukee, WI<\/span> 53217<br \/><a target=\"_blank\" href=\"mailto:info@ubsprfairfund.com\" rel=\"nofollow\">info@ubsprfairfund.com<\/a><br \/>866-217-4458<\/p>\n<p>In order to file a claim and potentially share in the distribution of the UBS PR Fair Fund, you must submit a Certification Form postmarked no later than <span class=\"xn-chron\">June 10, 2019<\/span>.<\/p>\n<p><sup>1<\/sup>\u00a0\u00a0<i>See<\/i> Order Instituting Administrative and Cease-and-Desist Proceedings pursuant to Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order, Securities Act Rel. No. 9318 (<span class=\"xn-chron\">May 1, 2012<\/span>).<\/p>\n<p>\u00a0<\/p>\n<p>SOURCE  U.S. Securities &amp; Exchange Commission<\/p>\n<\/div>\n<p> <\/p>","protected":false},"excerpt":{"rendered":"<div class=\"xn-content\">\n<p><span class=\"xn-location\">WASHINGTON<\/span>, <span class=\"xn-chron\">March 22, 2019<\/span> \/PRNewswire-HISPANIC PR WIRE\/ &#8212;<\/p>\n<p class=\"prntac\"><b>In the Matter of<br \/><\/b><b>UBS FINANCIAL SERVICES INC. OF <span class=\"xn-location\">PUERTO RICO<\/span><br \/><\/b><b>Admin. Proc. File No. 3-14863<\/b><\/p>\n<p><b>TO:\u00a0 INVESTORS IN ANY OF THE TWENTY-THREE (23) NON-EXCHANGE-TRADED, CLOSED-END FUNDS AFFILIATED WITH UBS FINANCIAL SERVICES INC. OF <span class=\"xn-location\">PUERTO RICO<\/span> (&#8220;UBS PR&#8221;) WHO WERE HARMED BY UBS FINANCIAL SERVICES INC. OF &lt;span&#8230;<\/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],"tags":[],"class_list":["post-67991","post","type-post","status-publish","format-standard","hentry","category-negocios-y-finanzas"],"acf":[],"_links":{"self":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/67991","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=67991"}],"version-history":[{"count":0,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/posts\/67991\/revisions"}],"wp:attachment":[{"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/media?parent=67991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/categories?post=67991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hispanicprwire.com\/en\/wp-json\/wp\/v2\/tags?post=67991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}