SAN JUAN, Puerto Rico, July 21, 2014 (GLOBE NEWSWIRE) -- The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.perdidasenbonospr.com; www.sueubspuertorico.com, together with Carlo Law Offices, P.S.C. located in Puerto Rico, announced today that they filed a claim against UBS Financial Services Incorporated of Puerto Rico and UBS Financial Services, Inc. (NYSE:UBS) (collectively AUBS"), on behalf of a 65 year old retiree. The claim seeks to recover $500,000 in damages sustained as a result of investing in UBS Puerto Rico Closed End Bond Funds ("UBS PR CEBFs").
According to the Claim, the Claimant invested his savings with UBS to devise a low risk portfolio that would provide income for his retirement years, while preserving the initial investment. Having sustained losses with a previous brokerage firm and still not understanding the complexities of the securities industry, Claimant entrusted his remaining capital with UBS to recommend secure, income providing investments. He desired to protect his savings, which were kept as a security blanket for his five children. Nonetheless, UBS concentrated most of his funds in its proprietary closed-end bond funds, UBS PR CEBFs, which were leveraged and concentrated in Puerto Rico municipals. As a result, Claimant's account sustained substantial losses and his savings after 33 years of hard work have been and are still severely compromised.
The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of UBS in connection with the sale of UBS PR CEBFs to their customers. Current and former customers of UBS, or other full-service brokerage firms in Puerto Rico, who purchased UBS PR CEBFs, and have information relating to the manner in which the firm represented these products, are encouraged to contact Steven D. Toskes of Klayman & Toskes, or Lcdo. Osvaldo Carlo of Carlo Law Offices, at (787) 919-7325, or visit us on the web at www.perdidasenbonospr.com or www.sueubspuertorico.com.