The logo of UBS is apparent alfresco the architecture apartment the address of the Swiss coffer in San Juan Thomson Reuters NEW YORK (Reuters) – A UBS AG annex administrator in Puerto Rico warned coffer admiral that brokers for the close had apprenticed barter to appoint in abnormal accommodation practices, added than two years afore the coffer fabricated a $5.2 actor adjustment over the bulk with the island’s cyberbanking regulator, according to centralized coffer accord advised by Reuters.
The abstracts apparent by Reuters reflect the annex manager’s allegations that UBS cyberbanking admiral encouraged investors to use their allowance accounts as accessory to borrow money and buy beyond quantities of poorly-performing closed-end band funds packaged by UBS.
They advance that the annex administrator told two bounded coffer admiral about the declared accommodation misconduct. The annex administrator says he was told that an analysis had been performed, and that he was “totally wrong” about his allegations.
In a alternation of e-mails accounting in 2012 and 2013 to a UBS acquiescence administrator and a bounded manager, above UBS annex administrator Carlos Capacete in San Juan wrote about advisers at the now-closed Guaynabo annex agreeable in abnormal accommodation practices. Some of those funds absent about two-thirds of their bulk amid March 2011 and October 2013 and haven’t recovered.
UBS backer Karina Byrne said the close disagrees with Capacete’s adaptation of events. “As is a bulk of accessible record, Mr. Capacete brought his own claims adjoin the close and they were begin by an adjudication console to be after merit, and his address from that accommodation was denied,” Byrne said.
Capacete’s claim, absolved by a Cyberbanking Industry Regulatory Authority adjudication console in 2014, declared that he was paid beneath than annex managers on the U.S. mainland.
Capacete said the arbitrators didn’t accede adapted Puerto Rico law and additionally accustomed UBS $5,000 for denial abstracts until backward in the proceeding. FINRA beneath to comment.
According to the abstracts apparent by Reuters, Capacete wrote to bounded administrator Doel Garcia that he had apprenticed UBS Puerto Rico acquiescence administrator Mariela Torres in May 2012 to investigate doubtable loans. In addition email in September, Capacete appears balked with the abridgement of response.
“Have you been able to accomplishment the appraisal of affairs … apropos accessible abusage of the UBS Coffer acclaim curve as to affairs for purpose (using the acclaim curve for affairs bankrupt end funds) as per below? Please advise,” Capacete wrote to Torres on September 20.
On December 17, 2012, Capacete wrote Torres again: “Just a aftereffect on. Where are we on this?” he asked. The abstracts don’t announce whether Torres replied to Capacete’s emails.
Then in September 2013, Capacete beatific his two-page announcement to Garcia, account what he knew about the allegedly counterfeit loans and how he had abstruse about the accessible wrongdoing. In that memo, Capacete additionally accompanying his year-long efforts to active Torres, the acquiescence officer.
“I had asked the acknowledged and acquiescence bodies to attending into the practice… I was after told by [UBS lawyer] Danielle Tarasen at a affair that they had performed an analysis and that I was absolutely wrong, that this had not happened,” Capacete wrote to Garcia.
“I alone admiration how that analysis was conducted,” he wrote.
UBS beneath to animadversion on account of Torres, Garcia and Tarasen, who are all still with the bank.
Last anniversary the coffer said in its balance address that the Justice Department has opened a bent analysis into whether some barter and an anonymous UBS cyberbanking adviser “used non-purpose loans to advance in closed-end armamentarium balance in abuse of their accommodation agreements and UBS policies.”
With “non-purpose” loans, borrowers can use balance in their allowance accounts as accessory for money to accounts things like home improvements, but not investments in added securities.
In January 2014, UBS accursed cyberbanking adviser Jose Ramirez in San Juan for announcement a accommodation activity which abandoned the firm’s activity and clients’ accommodation agreements, according to Ramirez’s accessible acknowledgment report. Ramirez has been articular in media letters as the UBS cyberbanking adviser at the centermost of the Justice Department inquiry.
Guillermo Ramos-Luiña, a San Juan advocate apery Ramirez, beneath to affirm the probe, or whether Ramirez is a target. UBS appear alone that it “understand[s]” that the Justice Department is acid the loans, Guillermo Ramos-Luiña said.
“I’m not in the business of speculating. Alone the DOJ knows if the scope, attributes and ambition of any analysis it is conducting,” he said.
The U.S. Balance and Exchange Commission and FINRA are additionally investigating potentially counterfeit loans accompanying to the band funds, the coffer said.
UBS said it is allied with the SEC, FINRA and DOJ probes.
Application debt to buy added balance amplifies accident for an broker and can activate banknote breeze problems for the coffer if there are big bazaar fluctuations, said Sarah Jane Hughes, a cyberbanking law assistant at Indiana University’s Maurer School of Law.
Rules that absolute the bulk of debt that investors can use are civil, but a cabal to breach them would be a bent matter, Hughes said.
In October, UBS entered a $5.2 actor adjustment with Puerto Rico’s cyberbanking regulator stemming from the abnormal accommodation practices, after acceptance to any wrongdoing.
The close additionally agreed to beef up administration of six brokers whom Puerto Rico regulators begin “may have” directed their audience to break borrow money to buy funds. The adjustment did not analyze the brokers because Puerto Rico’s abettor of cyberbanking institutions, Rafael Blanco, did not intend to booty activity adjoin them, he said at the time. Blanco beneath to animadversion for this story.
(Reporting by Suzanne Barlyn; Editing by Charles Levinson and John Pickering)
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