SAN JUAN, Puerto Rico, Aug. 15, 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 92 year old widow. The claim seeks to recover $1,000,000 in damages sustained as a result of being over-concentrated in Puerto Rico Government Bonds ("PRGBs") and UBS Puerto Rico Closed End Bond Funds ("UBS PR CEBFs"), including Puerto Rico Investors Tax Free Fund VI, Puerto Rico Fixed Income Fund II, Puerto Rico Fixed Income Fund III, Tax Free Puerto Rico Fund, and Tax Free Puerto Rico Fund II.
According to the Claim, the Claimant entrusted her life savings to UBS to devise a portfolio that would provide income for her retirement years, while preserving the initial investment. Instead of providing prudent investment advice, UBS concentrated Claimant's account in PRGBs and its proprietary UBS PR CEBFs that were leveraged and concentrated in PRGBs. Furthermore, UBS failed to monitor and diversify Claimant's account. The Claimant had gone through a series of health challenges that included a mastectomy and colon surgery. She needed to make sure that she had savings to fall back on in the case of an emergency. By trusting UBS and its financial advisor, Claimant's portfolio has been severely affected and is still 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 PRGBs and UBS PR CEBFs to their customers. Current and former customers of UBS, or other full-service brokerage firms in Puerto Rico, who purchased PRGBs or 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 .