PUERTO RICO (USA)
New UBS Nassau office located in a secured area free from USA and other foreign law enforcement.
BAHAMAIAN LEAKS FOCUS ON UBS & CREDIT SUISSE
swissinfo.ch reports: “One out of every ten offshore companies registered in the Bahamas since 1990 has been created by Swiss banks UBS and Credit Suisse … UBS and Credit Suisse came second and third in a ranking of institutions setting up the most offshore companies for clients. First place went to Panama law firm Mossack Fonseca, which was at the centre of the Panama Papers scandal in April. … The Bahamas have been placed on a “grey list” of uncooperative tax havens by the Organisation for Economic Cooperation and Development (OECD).” VE1-1 UBS continues to use their USA presence to allude to their nearby offices in Nassau for further offshore clarifications. Nothing has changed ibut for an increase in Clinton/Bush/Obama deferred payments via exorbitant speakers/consulting et al fees.
UBS STARTS USA HONEYPOT EVENT SOLICITING WITH MIAMI ART BASEL SALES PEOPLE DIRECTING USA RICH TO BAHAMAS FOR OFFSHORE CONSULTATIONS
A reliable UBS source has divulged that UBS USA salesmen are allegedly directing USA citizens to the new UBS Bahamas secure offices for offshore consulting. It is doubtful a President Trump will still allow UBS to solicit USA offshore accounts. Donald Trump neither needs nor wants UBS deferred payments as the Clinton/Bush/Obama regimes have openly laundered through speakers/consulting fees.
BRAZIL INVESTIGATES UBS ALLEGED CRIMINAL ACTIVITY
Wikipedia reports: “In an article published by Reuters, Brazilian public prosecutor Karen Kahn announced that several employees of UBS … were under investigation by federal authorities. … police arrested 20 people, including bankers at UBS … after the discovery of illegal activities including money laundering, tax evasion, fraudulent banking and operating without a banking license.” VE2-1 These are considered very serious charges against UBS employees, yet again. It is an open secret that UBS has allegedly been soliciting international organized crime elements throughout the world. Money is money!
UNLIKE USA, BRAZILIAN PRESIDENTS AND THEIR CLOSEST POLITICAL APPOINTEES CAN GO TO PRISON FOR CRIMES
BBC reports: “Prosecutors allege Lula received ‘illicit benefits’ from the kickbacks scheme, such as having one of the construction firms involved in the scandal renovate a luxury beachfront apartment and a ranch owned by Lula’s family. They say that ‘the suspicion is that the improvements and the properties are bribes derived from the illegal gains made by OAS [construction firm] in the Petrobras graft scheme’. Investigators say they also have evidence that in 2014 the ex-president received at least $270,000 (£190,000) worth of furniture and improvements for the beachfront apartment in Guaruja. They say they are also looking into sums paid to Lula by construction firms involved in the scandal as donations or speaking fees. Lula has denied any wrongdoing. Lula was the political mentor of current President Dilma Rousseff. As early as 2014, President Rousseff acknowledged that “this [scandal] may change the country forever’. Ms Rousseff chaired the Petrobras board of directors from 2003 to 2010. She has denied knowledge of any wrongdoing but many of her critics have questioned how she could not have been aware of such a wide-ranging kickback scheme at Petrobras while she held a senior position at the oil giant. Supporters and opponents of Lula gathered outside Lula’s house and the police station where he was being questioned and shouted slogans for and against the former president. His supporters say Lula’s detention is part of a dirty war against the former leader, who recently hinted that he was considering running for president in the 2018 election. A spokesman for the Lula Foundation called his detention ‘an assault against the rule of law that impacts all of Brazilian society’. But public prosecutor Carlos Fernando dos Santos Lima said that the move showed that no-one was beyond the power of the law in Brazil. ‘Anyone in Brazil is subject to be investigated when there are indications of a crime,’ he said.‘ ” VE2-2 UBS, Obama, Holder, Breuer, Clintons et al are well within these Brazilian judicial crime parameters but in USA they go unprosecuted, somehow.
UBS AG MOTTO COULD BE: BUY HIGH SELL LOW TAKE FROM PERCEIVED VULNERABLE CLIENTS TO MAKE UP DIFFERENCE!
Reuters reports: “Brazilian billionaire Andre Esteves is in talks with an investor group from Singapore to sell a stake of about 15 percent of his Banco BTG Pactual SA … Esteves and partners had bought back the bank from UBS AG (UBS.N) for $2.5 billion last year.” VE2-3 UBS AG allegedly bought BTG high and sold low after running into criminal charges in Brazil. In essence, UBS AG was kicked out of Brazil, selling BTG back to Esteves and cronies for a low price. UBS AG has allegedly promised the Brazilian Government not to do bad things anymore if they can come back (See Issues 2 & 10). They are buying another Bank from Deuchabank at a high premium. UBS AG continues to buy high and sell low making up the losses by allegedly fleecing USA elderly clients victims.
UBS & AIG BRAZILIAN SWINDLE
Brazil Magazine reports: “the Brazilian federal police unleashed a concerted raid … using 280 federal agents in three states to break a criminal scheme concocted with the help of Swiss financial institutions to launder Brazilian money and send it overseas. … Operation Kaspar II (A deliberate slight to UBS AG Chairman Kaspar Villiger.) carried out 21 warrants of arrest and 44 search and seizure orders in the states of São Paulo, Bahia and Amazonas. Among those detained were Swiss banks UBS and Credit Suisse officials as well as an executive of US-based insurance giant AIG.” VE2-4 We see UBS and AIG have been linked in criminal activity internationally. Both have been rewarded by their Washington political operatives with US tax payer bailouts over and above their criminal earnings. Washington has yet to investigate the UBS sanitizing and purging of the UBS mortgage department just before the Swiss government bailout.
UBS & BRAZILIAN INTRIGUE CORRUPTION
Fazenda.org gave us emails from Brazilian bribe solicitation conduits before they were hacked. As usual with the corrupt, UBS has allegedly been a noted player in Brazilian corruption interaction. Fazenda.org was shut down by for some unknown reason. This was reported to google which said it was a hacking group from Brazil after fazenda.org. USA Federal intelligence wanted to prove the hacking group and the Brazilian Government could be one in the same or at least colluding with each other. By using fazenda.org as a decoy, it was determined that Brazilian Presidential bribes were actively pursued. The Brazilian impeachment of Dilma Rouseff has been predicated upon criminality common in Washington as part of the “get along go along”, “pay to play” etc criminality. Why is it that President Dilma Rouseff is prosecuted when USA Presidents are immune?
PRESIDENT DILMA ROUSSEFF OFF TO JAIL!
Stratfor reports: “For the past two years, Brazil has been mired in the costliest corruption scandal ever uncovered in a democracy. Evidence surfaced in 2014 that contractors in Brazil had formed an alliance to overbid on projects for government-owned energy company Petroleo Brasileiro (Petrobras). Contractors pocketed the extra cash and bribed politicians and Petrobras executives to keep quiet. The scandal — the investigation of which came to be known as ‘Operation Carwash — was so blatant and implicated such prominent political figures that it shocked Brazil, a country accustomed to high-level corruption. And now the odds that Brazil’s president, Dilma Rousseff, will survive the fallout are looking slimmer and slimmer. … In any corruption campaign, various targets emerge as scapegoats who embody the scandal. Once they have been dealt with, citizens — and lawmakers — can be satisfied with the campaign’s success and move on. Rousseff, as the leader not only of the country but also of Petrobras during much of the time period under investigation, has come to emblemize Brazil’s corruption. If at least two-thirds of Brazil’s lower house (342 of 513 congressman) vote in favor of Rousseff’s impeachment on April 17, the president will be one step closer to ouster. The case would then go to the Senate. Once a simple majority in the Senate accepts the impeachment case, she would be forced to step down for up to 180 days while it is evaluated. If two-thirds of the Senate members vote to impeach Rousseff, Vice President Michel Temer would officially assume the presidency, where he would be challenged with stabilizing the country politically and economically.” VE2-5 USA Presidents have been accepting deferred payments laundered through exorbitant speaking/consulting fees for favors done while in office. We are about to see Obama follow Clinton and Bush families into the same scheme without repurcussions. How come Brazil prosecutes its Presidents and their family members while USA Presidents like Clinton/Obama avoid prosecution and jail time? How come Chelsea Clinton and husband avoid jail time? What gives?
UBS INSINUATES ITSELF IN WORLD GOVERNMENTS AND CRIMINAL CARTELS
Forbes Magazine reports: “According to Brazilian newspaper O Estado de São Paulo, several current and former Brazilian government officials belonging to almost every political party are allegedly implicated. Among them, João Lyra, a former deputy and once Brazil’s richest parliament member according to the ICIJ, was named for not disclosing an offshore holding or Swiss bank account. … Operation Car Wash, the largest corruption sweep in modern Brazilian history, led to the arrest of billionaire banker Andre Esteves (who has since been released and is under house arrest.” VE2-6 We have seen a bit of UBS successful corruptive schemes within Washington where the perpetrators avoid prison and are allowed to keep the money. Brazil is more forthright by convicting even the highest politicians and expropriating bribes.
UBS/SAUDI ROYAL FAMILY/MOSSACK FONSECA/DRUG CARTELS
ICIJ reports: “ ‘For years, the Swiss banking giant UBS and a Panama law firm named Mossack Fonseca embraced each other in a mutually profitable relationship. UBS had customers who wanted offshore shell companies to keep their finances hidden. And Mossack Fonseca, one of the largest creators of offshore companies in the world, was happy to sell them. … Mossack Fonseca employee Dieter Buchholz argued that his firm had no idea who really owned some of the companies created for UBS customers, because the bank had withheld that information. UBS executive Patrick Küng objected, saying Mossack Fonseca was ‘in violation of the Swiss money laundering code,’ and he was ‘seriously’ contemplating reporting the law firm to the authorities, according to emails describing the encounter. …The structures UBS created through Mossack Fonseca ranged from offshore companies controlled by Muhammad bin Nayef bin Abdulaziz Al Saud, the Crown Prince of Saudi Arabia, to companies controlled by Roberto Videira Brandão, convicted of fraud in the collapse of a Brazilian bank, and Marco Tulio Henriquez, a Venezuelan banker and fugitive charged by the U.S. Department of Justice with money laundering for drug cartels.” VE2-7 The glue that seems to hold crime together is UBS and copycat banks.
UBS RETURNS TO BRAZIL, AGAIN
Reuters reports: “Sao Paulo-based Consenso, a wealth management and multi-family office, manages around 20 billion reals ($6.13 billion) in assets. UBS, with more than $2 trillion in invested assets, will acquire a significant stake … It comes on the back of a challenging period for UBS in LatAm, which included a leadership change, the departures of key bankers in Mexico and billions in withdrawals in 2016 by clients participating in tax amnesty programs. The situation improved somewhat in the first quarter of 2017 with net new money in UBS’s emerging markets division”. VE2-8 UBS left BRazil under a cloud of questionable actions,but is now back for more, somehow.
Tainted Brazilian flag!
UBS Snaps Up Brazil’s Largest Family Office
Finews reports: “UBS has bought a majority stake in Sao Paulo-based wealth manager Consenso … The Swiss banks plans to fold its existing Brazilian business into Consenso. UBS didn’t disclose financial details for the merger … For long-time observers of UBS, the deal provides a sense of deva-ju: the Swiss bank bought Banco Pactual in 2006 to break into the ultra-hot Brazilian market, then promptly sold it three years later when its financial crisis losses began piling up. Pactual, of course, went on to a corruption scandal of its own, when majority owner Andre Esteves was arrested last year as part of a wider corruption probe. He has since been released is remains an advisor to Pactual. … UBS employs 250 staff in Brazil.” VE2-9 It is unknown which faction has envited ubs back to brazil after leaving under a cloud!
Vibrant left leader now a tired former Brazilian President.
WHY DOES USA ALLOW CLINTONS/BUSH II/OBAMA UBS BRIBES WHEN BRAZIL SENDS PRESIDENT LULA TO PRISON FOR LESS?
Brasília (AFP) reports: “Brazil’s former president Luiz Inacio Lula da Silva was sentenced to nearly 10 years in prison for graft on Wednesday — a stark fall from grace for the iconic leftist leader, and the latest twist in a sprawling political corruption probe engulfing Latin America’s largest economy. Lula, who ruled Brazil from 2003-2010, was convicted and handed a 9.5-year prison term for accepting a bribe of a luxury seaside apartment and $1.1 million. … The conviction nevertheless landed a heavy blow on the prospect of Lula making a political comeback in presidential elections due in October next year. The verdict also sent a dramatic message to much of the rest of Brazil’s political class that they, too, risked falling afoul of the anti-graft drive. … “Between the crimes of corruption and money laundering, there are sufficient grounds for sentences totaling nine years and six months of incarceration,” Moro said in his verdict. … Moro sentenced an influential minister in the Lula and Rousseff governments, Antonio Palocci, to 12 years in prison for corruption. … Odebrecht (international company) gave $3.7 million to Lula so he could buy land to build the Lula Institution highlighting his political legacy”. VE2-10 This clearly puts the onus on USA to prosecute Clintons/Bush II/Obama/UBS for much worse crimes over many more years, especially against USA elderly UBS Client victims. Perhaps nations should look into other Odebrecht World contracts for more crimes.
Jurgen Mossack & Ramon Fonseca
UBS PANAMA PAPERS WORLD SCANDAL
Bloomberg reports: “International Consortium of Investigative Journalists (ICIJ), drawing on 11.5 million records extracted from Panama -based law firm Mossak Fonseca, describes the contortions UBS and other banks went through as they struggled to distance themselves from clients’ offshore companies amid U.S. scrutiny. … as UBS was trying to deal with a U.S. Department of Justice Investigation into illegal tax shelters … (UBS) sought to pull back from the shell companies according to the ICIJ report … In a meeting … with Mossack Fonseca, the (UBS) bank’s asserted the law firm should be responsible for identifying shells’ owners, while the law firm insisted it didn’t know who some of them were because the bank had withheld the information, according to the report. insisted it didn’t know … because the bank (UBS) had withheld the information, according to the report. … Last year UBS unit pleaded guilty to one count of wire fraud.” VE3-1
PANAMA PAPERS WHISTLEBLOWER SPEAKS
HP reports: “BERLIN (Reuters) – Sueddeutsche Zeitung said on Friday that the source of millions of documents leaked to the German newspaper from Panamanian law firm Mossack Fonseca had sent them a manifesto, saying his motivation was the ‘scale of injustices’ the papers revealed. The source had never before publicly stated why he leaked the documents, now known as the Panama Papers … The source was critical of banks, financial regulators, tax authorities, the courts, and the legal profession, as well as the media, saying he had offered the documents to several major media outlets that had chosen not to cover them. ‘The collective impact of these failures has been a complete erosion of ethical standards, ultimately leading to a novel system we still call Capitalism, but which is tantamount to economic slavery.’ ” VE3-2 We media collusion with advertisers and other pressure points stifles transparency of events corrupting Democracy.
BROOKINGS INSTITUTE SPEAKS OF MOSSACK FONSECA ABSENCE OF USA CITIZENS
Karen Dawisha of USA Brookings Institute reports: “I’m not convinced of everything else Gaddy writes (investigation), but not this. Americans aren’t in #panamapapers because US has Delaware.” VE3-3 We have reported in Issue 5, UBS allegedly stole more than $1,000,000 of more than $10,000,000+ from Eunice Gardiner of Palm Beach County, Florida Merrill Lynch bond account. This was initiated just after Eunice was diagnosed with cancer of the ovaries and was given severe mind altering pain pills. Unknown to Merrill Lynch their bond broker allegedly worked with UBS in creating a Eunice Gardiner Trust NA. Eunice Gardiner’s bonds were filtered through UBS Delaware before being offshore transferred to untraceable Netherlands Antilles. The Merrill Lynch broker quite Merrill Lynch then waited a few weeks before joining UBS. Eunice died a few weeks later. The broker was at the bottom of her bed when Eunice died and then subsequently moved into Eunice’s Palm Beach County estat with his family. Much of Eunice’s estate belongings were transferred to the brokers wife through questionable court submitted documents.
UBS & MOSSACK FONSECA SCANDAL
CNBC says UBS whistleblower banker Bradley Birkenfeld reports: “The CIA I’m sure is behind this (Mossack Fonseca), in my opinion … Quite frankly, my feeling is that this is certainly an intelligence agency operation. … We knew that firm very well in Switzerland. I certainly knew of it … So what you would have is Panama operating as a conduit to the Swiss banks and the trust companies to set up these facilities for clients around the world … But they selectively bring the information to the public domain that doesn’t hurt the U.S. in any shape or form. That’s wrong. And there’s something seriously sinister here behind this.” VE3-4
UBS MASS SWINDLE REIGN OF TERROR AGAINST UBS ELDERLY CLIENT VICTIMS
UBS SECRETIVE GROUP EXECUTIVE BOARD CREATES PUERTO RICO SCANDAL TARGETING ESPECIALLY ELDERLY
InvestmentNews reports: “The value of proprietary closed-end bond funds heavily invested in Puerto Rican municipal debt and created by a unit of UBS AG (secretive Group Executive Board) is plummeting … The impending scrutiny by plaintiff’s attorneys comes more than a year after the Securities and Exchange Commission flagged UBS Financial Services Inc. of Puerto Rico for sale practices surrounding the municipal securities. In 2008 and 2009, the firm’s ‘former CEO and its head of capital markets made misrepresentations and omissions of material facts to numerous retail customers in Puerto Rico regarding the secondary market liquidity and pricing of UBS Puerto Rico non-exchange traded closed-end funds,’ according to the firm’s profile on the BrokerCheck data base maintained by the Financial Industry Regulatory Authority Inc. It paid $26.6 million in fines and restitution to settle the SEC action. In addition, UBS has suffered a series of costly missteps recently. In August, UBS AG, the Swiss parent, agreed to pay $120 million to settle a lawsuit by investors who accused the bank of misleading them about the financial condition of Lehman Brothers Holdings Inc. in connection with the sale of structured notes.” VE4-1 UBS and Utah Industrial Bank cartel attempted to ship the UBS victims to Utah controversial State and Federal courts. Secretive Group Executive Board UBS is a member of the cartel. Sherman Anti Trust Law declares USA Cartels illegal. President Obama is on record in internalrevenue.com saying he was going to shut Utah Bank Cartel down but has failed to do so. Obama has appointed prior UBS Chairman Robert Wolf his bagman to collect speakers and consulting fees as deferred payments after 1/1/17. UBS is currently scheming with Utah political operatives and lobbyists to bar their “Executive Boards” from pending and future criminal judgements against them. Both Utah Senator Orin Hatch and UBS Group Executive Board are on record as saying such.
UBS office in San Juan, Puerto Rico
UBS BOND SWINDLE AGAINST PUERTO RICAN UBS CLIENTS TO COST UBS STOCKHOLDERS BILLIONS!
TheStreet reports: “UBS Financial Services Inc. must pay a prominent Puerto Rican businessman and his wife $15.2 million in compensatory damages and interest related to their losses in closed-end Puerto Rico bond funds, a panel of arbitrators at the Financial Industry Regulatory Authority ruled … In a filing with the Securities and Exchange Commission on November 2, Zurich-based UBS AG said that is has been subject to $1.9 billion in claims related to Puerto Rico municipal bonds and closed-end funds managed or co-managed by the firm in Puerto Rico. Already, the firm has paid out $740 million to claimants, the filing said.” VE4-2 Puerto Rico is doing an exceptional job at rectifying UBS swindles of it’s citizens. This has yet to be allowed by Washington on USA mainland.
UBS PUERTO RICO CLIENT VICTIMS FIGHT BACK
Yahoo.com reports: “But investigating magistrate Jose Castro at the court in Palma de Majorca upheld a lawsuit brought by Manos Limpias (Clean Hands), a pressure group that has brought numerous corruption cases against public figures. “We have made history,” said the group’s leader Miguel Bernad. ‘If it was not for our suit, there would have been no charges. Everyone is equal before the law.’” VE4-3
UBS INSINUATES INTO CLIENT DIVORCE AND IS PUNISHED!
Reuters reports: “A UBS AG unit must pay more than $4.7 million to a customer’s former spouse who alleged that the firm improperly released accounts worth $12 million to her ex-husband despite a court order freezing those assets, a U.S. federal judge has ruled. … ‘UBS respectfully disagrees with the court’s decision in this matter,’ a UBS spokesman said, adding that the firm intends to appeal.” VE4-4 UBS seems to have attempted to benefit in a divorce by disappearing husbands Court frozen assets.
USA FINRA ORDERS UBS TO PAY FOR PURPOSEFULLY CONSENTRATING UBS CLIENT ACCOUNTS
Investment News reports: “UBS Group AG’s wealth management business for the Americas must pay more than $470,000 to three investors who claimed damages because their accounts were over-concentrated in Puerto Rico bonds that plunged in value, according to the Financial Industry Regulation Authority Inc.” VE4-5 As we have seen, this is a common ploy of UBS.
UBS SECRETIVE GROUP EXECUTIVE BOARD CREATES PUERTO RICO SCANDALS TARGETING ELDERLY
InvestmentNews reports: “The value of proprietary closed-end bond funds heavily invested in Puerto Rican municipal debt and created by a unit of UBS AG (secretive Group Executive Board) is plummeting … The impending scrutiny by plaintiff’s attorneys comes more than a year after the Securities and Exchange Commission flagged UBS Financial Services Inc. of Puerto Rico for sale practices surrounding the municipal securities. In 2008 and 2009, the firm’s ‘former CEO and its head of capital markets made misrepresentations and omissions of material facts to numerous retail customers in Puerto Rico regarding the secondary market liquidity and pricing of UBS Puerto Rico non-exchange traded closed-end funds,’ according to the firm’s profile on the BrokerCheck data base maintained by the Financial Industry Regulatory Authority Inc. It paid $26.6 million in fines and restitution to settle the SEC action. In addition, UBS has suffered a series of costly missteps recently. In August, UBS AG, the Swiss parent, agreed to pay $120 million to settle a lawsuit by investors who accused the bank of misleading them about the financial condition of Lehman Brothers Holdings Inc. in connection with the sale of structured notes.” VE4-6 UBS and Utah Industrial Bank cartel attempted to ship the UBS victims to Utah controversial State and Federal courts. Secretive Group Executive Board UBS is a member of the cartel. Sherman Anti Trust Law declares USA Cartels illegal. President Obama is on record in internalrevenue.com saying he was going to shut Utah Bank Cartel down but has failed to do so. Obama has appointed prior UBS Chairman Robert Wolf his bagman to collect speakers and consulting fees as deferred payments after 1/1/17. UBS is currently scheming with Utah political operatives and lobbyists to bar their “Executive Boards” from pending and future criminal judgements against them. Both Utah Senator Orin Hatch and UBS Group Executive Board are on record as saying such.
THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF PUERTO RICO
MADELEINE CANDELARIO DEL MORAL
UBS FINANCIAL SERVICES INCORPORATED OF PUERTO RICO
CIVIL NO. 08-1833 (PAD) VE4-7
UBS SWINDLES VICTIM CLIENTS USING “THE WHOPPER”
Investment News reports: “Regulatory Authority Inc. fined UBS $18.5 million for supervisory failures related to the funds. The fine includes $11 million in restitution to 165 (UBS) customers who took losses from the funds, which posted a dramatic drop in value … The SEC (UBS) settlement, which includes $15 million in disgorgement, interest and penalties, which will go to a fund for harmed (UBS) investors, is tied to the firm’s supervision of a former broker in Puerto Rico who fraudulently had customers take out tens of millions of dollars in loans … The (UBS) broker, Jose Ramirez Jr., who was known as ‘the whopper,’ according to plaintiff’s attorneys, increased his own compensation by $2.8 million by having customers take out the securities-backed loans … SEC’s Division of Enforcement. ‘UBS PR (Puerto Rico) lacked reasonable systems for ensuring compliance with the firm’s prohibition on loan recycling and to ensure that brokers adequately conveyed the risks involved in lines of credit.’ VE4-8
UBS “SWINDLES” PUERTO RICO WOMAN
Reuters reports: “The (UBS) investor, Christel Marie Bengoa Lopez, filed the case in 2014, seeking $2 million in damages. She had invested a $5 million gift she had received after her father sold his business, according to a statement of claim. Her UBS broker promoted the funds as safe and conservative investments. He also suggested that Bengoa Lopez tap a UBS-issued credit line, using her investments as collateral, to buy an apartment. But when the funds became worth less than the loan balance, UBS demanded payment in full. The arbitrators, as is typical, did not provide reasons for their decision. UBS, in September 2015, agreed to pay almost $34 million to settle charges from the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority (FINRA), Wall Street’s industry-funded watchdog, that it failed to supervise sales of the funds it sponsored to clients in the U.S. territory.” VE4-9
UBS PUERTO RICO PAYS 34M FINRA SETTLEMENT FOR FINANCIAL CRIMES PATTERN BLAMED ON LOW UBS LEVEL SALESMEN
The Fly reports: “The SEC charged UBS Financial Services Inc. of Puerto Rico and a former branch manager for failing to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from a UBSPR affiliated bank. UBSPR and the bank prohibited using such loans to purchase securities and the practice exposed investors to losses while producing profits for the former UBSPR broker, the SEC alleged. UBSPR agreed to settle the SEC’s charges by paying $15M in disgorgement, interest, and penalties, which will be placed into a fund for harmed investors. The former branch officer, Ramiro L. Colon III, agreed to a settlement in which he will pay a $25,000 penalty and be suspended from a supervisory role for one year. Separately, the SEC filed a complaint in federal court in Puerto Rico against Jose Ramirez, Jr., a former registered representative in UBS PR’s Guaynabo branch office. The SEC alleges that Ramirez increased his compensation by at least $2.8M by having certain customers use proceeds from lines of credit with UBS Bank USA to purchase additional shares in UBSPR closed-end mutual funds. The SEC appreciates and recognizes the assistance of FINRA, which announced an action today against UBSPR for the firm’s violation of its rules on supervision and principles of trade. UBSPR agreed to settle FINRA’s charges by paying a $7.5M fine and interest on up to $11M in restitution to more than 150 investors in the closed-end funds.” VE4-10 We see media go “along get along” scheme of reporting without commenting on UBS pattern of similar crimes within the World. Media is sometimes seen attempting to hustle advertising from UBS after such questionable coverage.
UBS PUERTO RICO SWINDLE PROTESTS EXPAND IN USA
Stamford Advocate reports: “Puerto Rican activists gathered outside the UBS building in downtown Stamford Wednesday morning to oppose the company’s lending practices … The Stamford protest was one of four other similar demonstrations Wednesday in Florida, Massachusetts, Illinois and New York … A representative from UBS could not be immediately reached for comment.” VE4-11
UBS SWISS SECRET GROUP EXECUTIVE BOARD FORCED TO PAY CLIENT VICTIMS
Wall Street Journal reports: “A unit of UBS Group AG agreed to pay roughly $34 million in settlements with U.S. regulators regarding the sale of Puerto Rico bond funds that plunged in value in recent years. Tuesday’s settlements come as Puerto Rico’s financial crisis is drawing increased scrutiny from U.S. lawmakers and regulators. A measure to establish more robust federal oversight over Puerto Rico’s mutual-fund industry was introduced.” VE4-12
UBS REPETITIVE FRAUD CAUSES FINRA TO AWARD UBS CLIENTS
Reuters reports: “Securities arbitrators have ordered UBS AG to pay an investor $1.45 million for losses incurred by its Puerto Rico closed-end bond funds, according to a ruling. A Financial Industry Regulatory Authority (FINRA) arbitration panel in San Juan, late Thursday, found two UBS units liable in the case, which alleged securities fraud, misrepresentation and other misdeeds, according to the ruling.” VE4-13
UBS PUERTO RICAN COURT LOSSES MOUNT
Daily Business Review reports: “UBS Financial Services Inc. was ordered to pay $18.2 million to a family who invested in funds containing Puerto Rican municipal bonds … The Financial Industry Regulatory Authority arbitration award issued Wednesday to retired Puerto Rican auto executive Victor Gomez Jr. and his family includes about $4 million in punitive damages against UBS, which faced allegations it recklessly allowed a broker to commit fraud and violations of securities law. A spokesperson for UBS did not respond to a request for comment by deadline.” VE4-14 We have documented evidence proving UBS keeps staff that is not caught being “incentivied” by UBS to commit illegal acts.
NOTICE TO UBS PUERTO RICO CUSTOMERS: KLAYMAN & TOSKER FILE $8.5 MILLION AGAINST UBS
Yahoo Business Wire reports: “According to the Claim, the Claimant entrusted assets to UBS with the investment objective of capital preservation. … The Claimant believed the purchases were consistent with their low risk tolerance. … Had this information and the true nature of the risk of the recommended allocation been known to Claimant or properly disclosed, he would not have invested his assets in these products. The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of UBS in connection with investment recommendations provided to their customers. … K&T is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation, on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm represents high net-worth, ultra-high-net-worth, and institutional investors, such as non-profit organizations, unions, public and multi-employer pension funds. K&T has office locations in California, Florida, New York and Puerto Rico.” VE4-15
UBS SOLD MORE THAN $10 BILLION SPECULATIVE FUNDS TO UNKNOWING CLIENTS, ESPECIALLY ELDERLY
Investment News reports: “One plaintiff’s attorney, Lars Soreide, said he filed a Financial Industry Regulatory Authority Inc. complaint against UBS Financial Services of Puerto Rico last week on behalf of a 70-year-old retiree … She opened a line of credit with UBS that ‘she used to buy her home, and is now selling the portfolio to cover the equity line she took out,’ said Mr. Soreide. ‘She relied on the income [from the municipal holdings] to pay for retirement, and UBS has been liquidating the holdings to pay interest on margin loans.’ Making matters worse for UBS, which has a recent history of costly embarrassments, the firm has put one broker on administrative leave after claims emerged that the adviser encouraged clients to buy securities on a line of credit …” VE4-16
ELDERLY CLIENT WINS ARBITRATION FOR FRAUD AGAINST UBS
Investment News reports: “A Finra arbitration panel awarded nearly $9 million to an investor who claimed that he was hurt by the purchase of Puerto Rican municipal bonds and closed-end bond funds bonds from UBS Financial Services Inc. … punitive damages were awarded because UBS gave the investor, Luis R. Romero Lopez, multiple loans with which he continued to buy more bonds.” VE4-17
UBS PUERTO RICO CRIMES AGAINST UBS CLIENTS CONTINUES TO BE HEARD IN COURTS
“FINRA claim against UBS Financial Services Incorporated of Puerto Rico and UBS Financial Services, Inc. (collectively “UBS”) for $15 million. The claim has been filed in the wake of Puerto Rico’s recent bankruptcy filing, which is the largest in U.S. Municipal history. According to the Claim, the Claimant entrusted his retirement assets to UBS with an investment objective of current income and capital preservation. Contrary to these objectives, UBS concentrated his account in Puerto Rico Government Bonds and its proprietary Puerto Rico closed-end bond funds, which are leveraged with UBS Bank USA Loans. … The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of UBS in connection with unsuitable investment recommendations provided to their customers.” VE4-18 We are attempting to tell the World about how known UBS criminal schemes work. World authorities will have a much easier job of monitoring and scrutinizing UBS behavior in there countries.
Former UBS Broker is Barred form the Securities Industry!
“Ronald Broadstone, an ex-UBS (UBS) broker, has agreed to be barred from the securities industry. The Financial Industry Regulatory Authority is the one that brought the ban, accusing him of misusing and misappropriating customer monies, settling a customer case without telling his firm, and taking part in unauthorized trading.” VE4-19
AGAIN, UBS ORDERED BY FINRA TO PAY UBS CLIENT VICTIM
“Once again, a Financial Industry Regulatory Authority (FINRA) panel has ordered UBS Financial Services (UBS) to pay a large arbitration award to an investor. Dr. Luis E. Cummings … In his Puerto Rico bond fraud case, Cummings accused UBS of negligence, recklessness, deceit, fraud, and fault. Meantime, the brokerage firm is once again claiming that this is yet another investor who was experienced enough to make a “fully informed decision”. VE4-20
“few weeks after a FINRA arbitration panel ordered UBS (UBS) to pay $18 million in a Puerto Rico bond fraud case … the Gomez family claimed they lost $22.87 million from investing in Puerto Rico securities. UBS Puerto Rico (UBS-PR) brokers had purportedly suggested the Gomez family invest in Puerto Rico bonds despite the fact that they wanted investments that were safe. The family relied on the funds from their investments to cover their living expenses. UBS argued that Mr. Gomez was an experienced investor.” VE4-21
UBS SCAMS CLIENTS, AGAIN
“(FINRA) arbitration panel says that UBS Financial Services (UBS) must pay $18.6 million to customers Rafael Vizcarrondo and Mercedes Imbert De Jesus … The two investors, both UBS clients, accused the broker-dealer of breach of contract, breach of fiduciary duty, and other securities violations. They claim that UBS placed their money in unsuitable investments and did not properly supervise the broker who worked with them. … The firm (UBS) has already paid out $740 million to claimants.” VE4-22
UBS CONTINUES PUERTO RICO SCAMING!
The FINRA panel ordered UBS to pay $549,000 in compensatory damages to a defunct car rental business belonging to Luis Vega, as well as over $165,000 to Teresa Rosas, who is Vega’s former wife. The firm must also pay over $100,000 in costs and hearing session fees. … Vega and Rosas filed their case against UBS accusing the brokerage firm of securities fraud, negligence, recklessness, and deceit.” VE4-23
USA LAW FIRM ADDS UBS SWISS BANK AS ONLY WORLD BANK AMONG CRIMINAL FRAUDSTERS AND SCAMMERS LIST OF INTEREST. USA ENFORCERS AND REGULATORS WHO NOW PROSECUTE THEM UNDER PRESIDENT TRUMP ARE ALSO LISTED UNDER “TOPICS”.
Shepherd, Smith, Edwards & Kantas USA law firm legal actions.
Please click on UBS (103) and see the law firm’s successful prosecutions of UBS.
No other bank in the World has been added to the prestigious Shepherd, Smith, Edwards & Kantas USA law firm list of shame. This should be considered internationally alarming since USA Presidents Clinton/Bush/Obama and their collaborators continue to receive millions USA$ from aiding and abetting UBS in it’s USA perpetrations, especially against USA elderly client victims. We commend this ethical law firm for their work. The Swiss Government and USA should be embarrassed at this World disclosure. How long must USA elderly become UBS clients victims before UBS deferred payments to Clinton/Bush II/Obama and their collaborators is stopped. UBS AG must loose it’s USA Charter.
DID UBS AG SCAMS ON PUERTO RICAN ELDERLY UBS CLIENTS BRING DOWN THE PUERTO RICAN ECONOMY?
USA National Law Review reports: “UBS Financial Services is being sued for $4.5 million by the beneficiaries of a trust. The suit says that UBS breached its fiduciary duty to the beneficiaries by mismanaging the trust’s assets. … Ms. Carmona and the other beneficiaries claim UBS intentionally kept the trust’s funds in its own closed end funds that it managed. By doing so, the brokerage firm continued to earn underwriting and management fees. At one point, the trust was worth $1.8 million, now it is worth less than $1000.According to the lawsuit, ‘The UBS defendants engaged in a systematic plan to prevent Sánchez Carmona, the beneficiary of the Hargen Trust, from collecting her benefits as she was entitled’. UBS has disclosed that it faces $1 billion in complaints tied to its Puerto Rican bond funds. That loss figure may be low, however, since UBS reportedly sold $10 billion of Puerto Rico closed bond funds. Those funds lost much of their value during the summer of 2013 as investors panicked. … Tens of billions of dollars worth of bonds were issued by Puerto Rican issuers. UBS is at the forefront of the controversy.” VE4-24 It is now believed UBS criminal activities against elderly clients in Puerto Rico severely crippled the Puerto Rican economy. Despite media coverage, Clinton/Bush II/Obama would take no action against UBS senior staff, for some reason!