Carlos Jose Freire, of San Juan, Puerto Rico, a stockbroker currently registered with UBS Financial Services Inc., and UBS Financial Services Incorporated of Puerto Rico, has been named in a customer initiated investment related arbitration claim on July 27, 2016, in which the customer requested $222,000.00 in damages based upon allegations that Freire, as the customer’s financial advisor, made unsuitable investment recommendations regarding investments in Puerto Rico closed-end funds.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Freire has been identified in forty-one additional customer initiated investment related disputes containing allegations of his misconduct while employed with UBS Financial Services, based upon allegations which included, inter alia, that he made misrepresentations and omissions to customers regarding Puerto Rican bonds and closed-end fund investments, which caused customers to maintain their positions in peril. Customers additionally alleged that Freire made unsuitable investment recommendations, effected unsuitable transactions in the customers’ accounts, and overconcentrated the customers’ assets.
Moreover, on August 31, 2015, a customer initiated investment related arbitration claim involving Freire’s conduct was settled for $10,000,000.00 in damages based upon allegations including overconcentration, unsuitability, omission and misrepresentation, breach of contract, breach of fiduciary duty, negligence, violation of Uniform Securities Act of Puerto Rico Regulation 6078, and fraud.
Guiliano Law Group
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