An arbitration panel with the Financial Industry Regulatory Authority (FINRA) has recently awarded an elderly couple $2.5 million in an investment fraud case. This is just one of many cases pending against UBS, which recently disclosed it faces about $1 billion in claims. Even though UBS was required to diversify its investments, the court found that the investment fund was over concentrated in the Puerto Rico bond market. The elderly couple had invested a major portion of their money with disgraced stockbroker Jose Gabriel Ramirez Jr., who had been in trouble on multiple occasions and even lost his brokerage license. Mr. Ramirez attempted to plead the fifth in this recent case, but the FINRA arbitration panel decided in favor of the elderly couple.
See UBS to Pay Elderly Couple $2.5 Mil in Investment Fraud Case, Mahany & Ertle, September 2, 2015.
