NEW YORK, July 24, 2015 /PRNewswire/ -- According to reports, there has been a mass exodus of registered stock brokers from the various offices of UBS Puerto Rico, and more layoffs are anticipated soon, all as a result of the fallout related to UBS's Puerto Rican closed-end bond funds.
Malecki Law, who represents a group of seven brokers that were let go by UBS during earlier layoffs, has filed a $25 million FINRA arbitration claim today against UBS Financial Services, Inc. and UBS Financial Services Incorporated of Puerto Rico (collectively "UBS") on behalf of those former UBS registered representatives.
In the Statement of Claim filed with FINRA, the registered representatives allege that UBS management, including Messrs. Ferrer, Mulholland and Ubinas Taylor, misled its brokers and customers about the UBS Puerto Rican closed-end bond funds. To do so, UBS allegedly made material misstatements and omissions about the closed-end funds, despite UBS's own internal analyses of the funds. Brokers allege that they have been threatened, lied to and pressured by the management to sell the Puerto Rican closed-end fund products, or else face termination.
"We strongly encourage all brokers who were let go by UBS following the closed-end fund debacle to come forward and contact us to explore their rights," says leading NY-based Securities Arbitration attorney Jenice Malecki. Further, she emphasizes that the situation of these brokers is "strikingly similar to the allegations already made against UBS by the Bravos, two former UBS brokers, who have demanded $10 million in compensatory damages, represented by the Malecki Law team."
About Malecki Law:
Located in New York City, the securities fraud lawyers of Malecki Law practice throughout the nation since 1999. Malecki Law is rated "AV Preeminent" by Martindale Hubbell. Ms. Malecki has been repeatedly named as a Top Attorney by Super Lawyers and the National Law Journal. For more information please visit www.Maleckilaw.com or call +1 212-943-1233.
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Jenice Malecki, Esq
212-943-1233 ext. 3
SOURCE Malecki Law