Caribbean Business, October 31, 2013
By Victoria Marie Jackson
Klayman & Toskes, P.A. has ‘teamed up’ with Carlo Law Offices in Puerto Rico to combat the appalling financial wrongdoings that UBS Puerto Rico committed against investors. According to the firm, UBS Puerto Rico failed to fully disclose the risks associated with these funds which have included but are not limited to credit, liquidity, leverage and interest rate risks. Klayman & Toskes explained that UBS Puerto Rico made millions of dollars in fees and commissions from unsuspecting investors who have lost hundreds of millions of dollars. The firm is dedicated to assisting investors in Puerto Rico who have been victimized by their brokerage firm, and is looking forward to representing them to recover their investment losses.
Established in 1997 by Lawrence Klayman, the firm became Klayman & Toskes in 1999 after Steven Toskes joined the team. With its main office located in Boca Raton, Florida and additional offices in California and New York, the firm has achieved substantial recoveries on the behalf of aggrieved investors including the recovery of over $100 million in securities arbitration claims and over $250 million in other securities litigation matters (Klayman & Toskes).
“Recovering money for our clients and fighting on their behalf is our primary goal…With the innovations in technology including the internet, our reach has become global which has enabled us to represent investors around the world,” Klayman & Toskes stated. “We believe that as a result of our efforts, Wall Street brokerage firms train their employees more competently and their compliance and surveillance systems have been modified to detect and prevent the types of abuses that we see in our cases. Further, we believe that when investors recover monies, their financial lifestyles are restored,” company officials stated.
Concerning the cases against UBS Puerto Rico, Klayman & Toskes expressed that these types of cases are a reoccurring event. “A dangerous conflict of interest is created when brokerage firms sell their own proprietary products. We saw this with the limited partnerships sold by Prudential, the ASTA/MAT municipal arbitrage funds sold by Citigroup, the structured finance ‘bond funds’ sold by Morgan Keegan, auction rate securities sold by Wall Street brokerage firms and now we see the same thing with UBS Puerto Rico,” Klayman & Toskes stated.
Overall, there are a number of factors that distinguish the company from its competition including Lawrence Klayman’s securities background, which allows Klayman & Toskes “to make expert evaluations as to the merits of cases without bringing in an outside expert which is typical for most firms that do this type of work,” (Klayman & Toskes). The firm has also represented Wall Street firms and brokers in arbitration and enforcement proceedings, and understands all aspects of these cases, including how brokerage firms analyze securities arbitration matters.
For the partners of the firm there is nothing more rewarding than being able to restore financial lifestyles, which have been destroyed by the misconduct of their brokerage firm or financial advisor. “Our focus remains on fighting for the investor,” the members concluded.