Aidikoff, Uhl & Bakhtiari continues to investigate the sales practices of Wall Street firms in recommending bond funds to it’s clients.
In May 2012 the SEC issued a Cease-and-Desist Order against UBS Puerto Rico. Pursuant to the order, UBS Puerto Rico agreed to pay $26 million in disgorgement and settle charges that it sold allegedly mispriced closed end funds to investors. The alleged mispricing related to proprietary funds of UBS Puerto Rico which invested in Puerto Rican municipal bonds.
On October 2, 2013 the New York Times reported that UBS has undertaken an investigation over the sales of leveraged bond funds to its clients. Some of the bond funds at issue may be:
Tax-Free Puerto Rico Fund
Tax-Free Puerto Rico Fund II
Tax-Free Puerto Rico Target Maturity Fund
Puerto Rico AAA Portfolio Target Maturity Fund, Inc.
Puerto Rico AAA Portfolio Bond Fund
Puerto Rico AAA Portfolio Bond Fund II
Puerto Rico GNMA & U.S. Government Target Maturity Fund
Puerto Rico Mortgage-Backed & U.S. Government Securities Fund
Puerto Rico Fixed Income Fund
Puerto Rico Fixed Income Fund II
Puerto Rico Fixed Income Fund III
Puerto Rico Fixed Income Fund IV
Puerto Rico Fixed Income Fund V
Puerto Rico Fixed Income Fund VI
Puerto Rico Short Term Investment Fund
Multi-Select Securities Puerto Rico Fund
Puerto Rico Investors Tax-Free Fund
Puerto Rico Investors Tax-Free Fund II
Puerto Rico Investors Tax-Free Fund III
Puerto Rico Investors Tax-Free Fund IV
Puerto Rico Investors Tax-Free Fund V
Puerto Rico Investors Tax-Free Fund VI
Aidikoff, Uhl & Bakhtiari represents retail and institutional investors around the world in securities arbitration and litigation matters. Attorneys for the firm have appeared before the Financial Industry Regulatory Authority (FINRA) and in numerous state and federal courts to resolve financial disputes between customers, banks, brokerage firms and other financial institutions.