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Our experts frequently write blog posts about the findings of the research we are conducting.

Displaying 41-48 out of 48 results for "Puerto Rico".

Merry Christmas from UBS Asset Managers of Puerto Rico

(Dec 2013)

SLCG previously posted two blog entries on the collapse of UBS's Puerto Rico municipal bond funds including the Puerto Rico Fixed Income Funds I to VI and Puerto Rico Investors Tax-Free Funds I to VI. Our October 7, 2013 post, Trouble in Paradise: UBS Puerto Rico Bond Fund Investors Hit Hard, reported on losses in closed end municipal bond funds managed by UBS Asset Managers of Puerto Rico and sold by UBS brokers in Puerto Rico. Then on December 18, 2013 in our Did UBS Charge its Proprietary...

Did UBS Charge its Proprietary Puerto Rico Bond Funds Excessive Markups?

(Dec 2013)

UBS Puerto Rico's closed-end funds have received much attention in recent months. While the coverage has focused on the funds' leverage and concentration in Puerto Rican municipal bonds (see for example, New York Times and Bloomberg), discovery and further research into the funds is likely to reveal other important issues -excessive markups, for instance.

Investors, including mutual funds like the UBS Puerto Rico Funds, buy municipal bonds from dealers who typically charge a markup over the...

¿Acaso UBS Cobró Márgenes Excesivos a sus Fondos de Puerto Rico?

(Dec 2013)

En los últimos meses, los fondos cerrados UBS Puerto Rico han recibido mucha atención. Aunque dicha atención se ha enfocado en el apalancamiento y concentración en bonos municipales de Puerto Rico (véase por ejemplo, el New York Times y Bloomberg), es probable que futuras investigaciones encuentren otros asuntos importante - por ejemplo, márgenes excesivos.

Los inversionistas, incluyendo fondos mutuos tales como los Fondos UBS Puerto Rico, compran bonos municipales pagando un margen sobre el...

SEC Litigation Releases: Week in Review - November 1st, 2013

(Nov 2013)

SEC Obtains Summary Judgment Against Defendants Charged with Defrauding Investors in Fictitious Offering
October 30, 2013, (Litigation Release No. 22861)
A summary judgment was entered againstthe Estate of Frank L. Pavlico, Brynee K. Baylor, her law firm Baylor & Jackson, P.L.L.C., and their former "client" The Milan Group, Inc. for their involvement in "a prime bank investment scheme that defrauded at least 13 investors out of more than $2 million." According to the SEC, "Pavlico and Baylor...

Trouble in Paradise: UBS Puerto Rico Bond Fund Investors Hit Hard

(Oct 2013)

Despite a 2012 settlement agreement with the SEC, UBS Puerto Rico continues to face new allegations regarding its sales practices of tax-advantaged closed-end funds. While UBS Puerto Rico did not admit wrongdoing when it settled with the SEC, an SEC statement on the matter said "UBS Puerto Rico denied its closed-end fund customers [...] accurate price and liquidity information, and a trading desk that did not advantage UBS's trades over those of its customers." At the time of the SEC...

Peligro en la Isla del Encanto: Inversionistas de UBS Puerto Rico Sufren Cuantiosas Pérdidas

(Oct 2013)

Hace más de un año, la Comisión de Valores y Bolsa de los Estados Unidos (SEC, por sus siglas en inglés) penalizó a la unidad puertorriqueña de UBS. La SEC acusó a UBS Puerto Rico (UBS PR) de encubrir la crisis de liquidez que afectaba a un grupo de sus fondos llamados Fondos de Puerto Rico. La investigación por parte de la SEC resultó en un acuerdo extrajudicial mediante el cual UBS PR se comprometió a pagar $26.6 millones de dólares a los inversionistas afectados. Hoy en día, UBS PR se...

SEC Litigation Releases: Week in Review - August 17th, 2012

(Aug 2012)

SEC Charges Oracle Corporation with FCPA Violations Related to Secret Side Funds in India
August 16, 2012, (Litigation Release No. 22450)
According to the complaint (opens to PDF), the Indian subsidiary of Oracle Corporation, Oracle India Private Limited, "structured transactions with India's government...in a way that enabled Oracle India's distributors to hold approximately $2.2 million of the proceeds in unauthorized side funds." Oracle India's alleged misconduct occurred from 2005 to 2007,...

SEC Litigation Releases: Week in Review - April 27th, 2012

(Apr 2012)

SEC Charges Former Morgan Stanley Executive with FCPA Violations and Investment Adviser Fraud
April 25, 2012, (Litigation Release No. 22346)
Earlier this week, the SEC charged Garth R. Peterson (former managing director in Morgan Stanley's real estate investment and fund advisory business) with violating the Foreign Corrupt Practices Act (FCPA). The SEC alleges that "Peterson secretly arranged to have at least $1.8 million paid to himself and the Chinese official that he disguised as finder's...

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