Wednesday, October 30, 2013

A SEC judge dismissed a complaint against two top executives of UBS Puerto Rico on legal complaints on losses up to $4.5 billion so far this year.


(Jueza no encuentra merito en las acusaciones contra Miguel Ferrer y Carlos Ortiz, de UBS por enganar a inversionistas que perdieron mas de $4.5 billones de dolares. Salieron por la libre... Esas cosas pasan en Puerto Rico.
Y a los retirados del Gobierno, Que? ... Tendra que hipotecar la casa y vender la vaquita?)



There is a saying in Puerto Rico,: "Si tienes padrinos, te bautizas"...  if you have good godfathers, you get baptized. mj

U.S. SEC judge throws out complaint against UBS Puerto Rico execs.
REUTERS

SAN JUAN, Puerto Rico | Wed Oct 30, 2013

Oct 30 (Reuters) - A Securities and Exchange Commission judge dismissed a complaint against two top executives of UBS Puerto Rico as it prepares to fight off a flood of legal complaints prompted by local investor losses adding up to $4.5 billion so far this year. 

Chief Administrative Law Judge Brenda P. Murray ruled on Tuesday that the SEC failed to prove its complaint against the executives, Miguel A. Ferrer, formerly chairman and chief executive of UBS Puerto Rico, a unit of Swiss bank UBS AG, and Carlos J. Ortiz, managing director of Capital Markets at UBS Puerto Rico, which is the U.S. territory's largest securities dealer .

The two were accused of misleading investors to conceal a liquidity crisis and mask UBS' control of the secondary market for 23 proprietary closed-end funds. 

"I do not find that the preponderance of the evidence supports the division's allegation that UBS PR, Ferrer, and Ortiz engaged in a fraudulent course of conduct or a scheme to mislead customers ... when they represented the funds as profitable, safe, and stable investments and that supply and demand were responsible for Fund prices," Murray wrote.

Therefore, the judge said, UBS PR, Ferrer, and Ortiz did not engage in fraud, mislead customers and financial advisers or violate their fiduciary duties.

"Because I found no primary violations, all the aiding and abetting and causing charges do not stand," she wrote.