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UBS hit with $2.5 million award in Puerto Rico case

UBS Wealth Management Americas has been ordered to pay more than $2.5 million to a retired couple in San Juan, Puerto Rico, who said they were over-sold proprietary closed-end bond funds by a former UBS broker.

The couple, Orlando Rodriguez Gonzalez and Milagros Vila Maldonado, who are in their 70s, had all of their roughly $7 million in liquid assets placed into closed-end mutual funds concentrated in Puerto Rico bonds, according to an attorney on the case, Jeffrey Erez of Sonn & Erez PLC in Miami.

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