This week Puerto Rico Investors found answers to their questions about how they can begin the process to recover their investment losses in Puerto Rico Bonds. On Radio Station WKAQ 580 AM Radio, radio show quest, attorney Osvaldo Carlo Linares, spoke to radio show host about his law firm located in Puerto Rico and his efforts along with securities arbitration law firm, Klayman & Toskes, P.A., representing Puerto Rico investors throughout the island. Osvaldo Carlo Linares is the founder of Carlo Law Offices based in San Juan, Puerto Rico, and serves as of Counsel to Klayman & Toskes. He also co-founded Regulatory Compliance Services Corp. in 2003 and serves as its Chairman, President and Chief Executive Officer. Formerly, Mr. Carlo served as Chief, Civil Division of U.S. Attorney’s Office, District of Puerto Rico from 1982 to 1996.
To summarize the activities of UBS Financial Services of Puerto Rico (“UBS Puerto Rico”), investment recommendations were made by its financial advisors and were required by laws to avoid any misrepresentations or omissions of materials facts concerning investment recommendations. As the lead underwriter of the UBS Puerto Rico Family of Funds, UBS Puerto Rico are required to give balanced, accurate information to avoid providing unsuitable investment advice. UBS Puerto Rico is required to supervise its financial advisors. The claims made by the law firms against UBS Puerto Rico allege that UBS Puerto Rico Family of Funds losses were the result of concentrated investments in Puerto Rico Bonds and may be attributed to UBS Puerto Rico’s failure to supervise its financial advisors.
Mr. Carlo continued, UBS Puerto Rico, as lead underwriter, is required to conduct adequate due diligence to determine the accuracy of information provided by the Prospectus and Offering documents, including the risks associated with leverage and the ability of UBS Asset Managers to manage and hedge the closed-end fund portfolio risks. UBS Puerto Rico failed to disclose excessive markups and markdowns charged for the management of the proprietary closed-end funds which was the result of conflicts of interest between UBS Puerto Rico, third-parties and UBS Puerto Rico customers.
About the Legal Team
Klayman & Toskes, PA and the Carlo Law Offices are dedicated to the rights of Puerto Rico investors. Our legal team can help you determine what steps can be taken to protect your investor rights. Puerto Rico investors who suffered losses as a result of FINRA sales practice violations concerning the UBS Puerto Rico Family of Funds may be able recover their losses in a FINRA arbitration claim for damages. Puerto Rico investors are encouraged to contact Osvaldo Carlo Linares, Esq. of the Carlo Law Offices or Steven D. Toskes, Esq. of Klayman & Toskes, P.A. at (787)-268-6444, or visit our website at www.sueubspuertorico.com or www.perdidasenbonospr.com/en/.
About Klayman & Toskes, P.A.
K&T is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.