Shepherd Smith Edwards & Kantas LLP Representing Clients of Carlos Rodriguez and UBS Financial Services, Inc.
SAN JUAN, Puerto Rico, Oct. 18, 2013 /PRNewswire/ -- Lawyers with the Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, http://www.ubs-taxfree-puertorico.com, in association with local counsel in Puerto Rico, are representing clients of Carlos Rodriguez ("Rodriguez") and UBS Financial Services, Inc.
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According to the client complaints, Rodriguez recommended that his clients invest huge portions of their accounts, which also equated to huge portions of the clients' net worth, in Puerto Rico municipal bonds and UBS proprietary Puerto Rico municipal bond funds. These securities were marketed and sold as low risk investments that would pay the clients high, tax advantaged dividends.
These clients have also claimed that Rodriguez did not warn them that the UBS bond funds were highly leveraged, and that Rodriguez also recommended that the clients open a margin account with UBS to increase their investments in the Puerto Rico municipal bonds with borrowed funds. They claim that they were not warned that this was a highly speculative investment strategy with a huge risk of loss of principal.
Other UBS clients have also reportedly been told that there simply is no market currently for the UBS proprietary Puerto Rico municipal bond funds, and as such those clients holding those securities cannot liquidate their holdings and try to stop their losses. This is another risk of these investments that Rodriguez purportedly failed to warn his clients about.
If you are or were a client of Carlos Rodriguez, or suffered losses in any other municipal bond investments made at the recommendation of your broker, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for a free, confidential evaluation of your account. A partner with the firm will be in and around San Juan from October 28th-October 30th meeting with individuals who suffered losses in Puerto Rico Municipal bonds. If you are interested in scheduling a meeting, please contact us as soon as possible.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions. More information can also be found on our blog at http://www.stockbrokerfraudblog.com/2013/10/puerto_rico_municipal_bonds.html.
Contact Info: 800-259-9010
713-580-8914 to speak to Spanish fluent staff
Sam Edwards [email protected]
Kirk Smith [email protected]
SOURCE Shepherd Smith Edwards & Kantas LLP
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