Ramon “Cholo” Manuel Almonte
UBS Financial Services of Puerto Rico
Financial Advisor

In July 1987, Ramon “Cholo” Manuel Almonte joined UBS Financial Services of Puerto Rico (UBS) as a financial advisor. In September 2013, his regulatory scrutiny began after a multitude of Financial Industry Regulatory Authority (FINRA) customer complaints were filed over investor losses and the sale of UBS’ proprietary, non-traded closed-end bond funds which were concentrated in Puerto Rico municipal bonds.

According to the Financial Industry Regulatory Authority (FINRA) Broker Check Reports, Ramon Manuel Almonte has pending litigation related to 48 FINRA customer complaints related to the sale of UBS’ proprietary closed-end bond funds. To learn more about his FINRA Broker Check Report, click here.

On June 2, 2011, a UBS sales meeting was conducted in downtown San Juan which summons UBS financial advisors from all corners of Puerto Rico to listen to leaders in the brokerage firm, including Ramon “Cholo” Manuel Almonte. Allegedly, during the sales meeting UBS financial advisors expressed concerns about the investment merits of the UBS Puerto Rico Family of Funds. Amongst the concerns expressed by UBS financial advisors included, but were not limited to:

• Non-Traded – Limited Liquidity
• Excessive Leverage
• Puerto Rico Issuer Credit Ratings
• Risk of Issuer Concentration

During the sales meeting, Ramon “Cholo” Almonte tried to debate and dissuade the concerns of the other UBS financial advisors from their “misgivings” about the purported investment merits of the UBS proprietary closed-end funds. In February 2015, Reuters released audio tapes taken during this UBS sales meeting to record the financial advisor’s comments. To hear yourself, listen to the audio tape released by Reuters of UBS financial advisor, Ramon “Cholo” Manuel Almonte.

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 committed by UBS Puerto Rico and its financial advisors may be able recover their losses in a FINRA arbitration claim for damages.