Settlement of Puerto Rico Investor Claims Costs UBS $2.9 Million
UBS AG, a Swiss global financial services company, was ordered by the Financial Industry Regulatory Authority Inc. (FINRA) to pay about $2.9 million to two investors in Puerto Rico closed-end municipal bond funds. A closed-end fund is a publicly traded investment company that raises a fixed amount of capital through an initial public offering (IPO). The fund is then structured, listed and traded like a stock on a stock exchange. Misrepresentations of Closed-end Funds Ana Teresa Lopez-Gonzales and Andres Ricardo Gomez received about $2.4 million in damages and about $480,000 for attorney’s fees, according to a FINRA filing. Lopez-Gonzales and Gomez were part of...
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