The Law Offices of Robert Wayne Pearce, P.A. filed its first claim against UBS Puerto Rico, alleging a retiree was steered into a concentration of Puerto Rico bonds and closed-end “bond funds.” The claim says the advisor described the strategy as safe and “constitutionally protected,” while misrepresenting risks, failing to diversify, and causing substantial damages.
Continue ReadingThe Law Offices of Robert Wayne Pearce, P.A. filed a claim alleging a Merrill Lynch Puerto Rico broker placed a novice investor into a concentrated Puerto Rico bond portfolio on margin. The account was leveraged 4:1 with nearly $800,000 borrowed, described as “safe” and “guaranteed,” then held through collapse, margin calls, forced liquidation, and losses.
Continue ReadingIn an arbitration against UBS Financial Services and UBS Financial Services of Puerto Rico, the Law Offices of Robert Wayne Pearce, P.A. secured a $1.45 million award plus interest for a client. The claim alleged unsuitable recommendations and overconcentration in Puerto Rico municipal bonds and closed-end funds. Investors may contact us for a free consultation.
Continue ReadingA margin call is a broker’s demand that you add cash or securities when margin equity drops below required levels. It often follows losses or market volatility and may give only a short window to respond. If you cannot meet the call, the firm may liquidate positions—sometimes without notice—based on the margin agreement you signed.
Continue ReadingInvestment fraud is a white-collar crime that occurs when someone misleads or deceives an investor for financial gain. This guide explains common schemes—Ponzi and pyramid tactics, promissory note fraud, crypto scams, real estate traps, and social media pitches—plus warning signs, investor rights, and practical steps to protect your portfolio and pursue recovery through legal claims.
Continue ReadingOur firm is investigating EquiAlt debenture losses tied to four private placements. The SEC alleged $175 million in debentures were sold to over 1,100 investors and misrepresented as safe, low-risk products, with later payments resembling a Ponzi scheme. Many sales involved commissions and weak brokerage due diligence. Recovery may include FINRA arbitration or receivership distributions.
Continue ReadingUBS Financial Services, Inc. is being sued over alleged misconduct by a financial advisor in its Florida and Ohio offices for recommending an unsuitable credit-line investment strategy to an elderly widow. The complaint alleges breach of fiduciary duty, misrepresentation, unsuitable leverage, and negligent supervision tied to securities-backed lending and resulting losses.
Continue ReadingThe Law Offices of Robert Wayne Pearce, P.A. filed yet another claim against Santander Securities, LLC (Santander). A summary of the allegations the Claimant made against the Puerto Rico based brokerage is below. If you or any family member received similar misrepresentations and/or misleading statements from Santander and its stockbrokers or found yourself with an account overconcentrated in closed-end bond funds, or if you borrowed monies from Santander and used your investments as collateral for those loans, we may be able to help you recover your losses. Contact our office for a free consultation about your case.
Continue ReadingBy Dow Jones Business News, July 09, 2013, 04:07:00 PM EDT By Corrie Driebusch NEW YORK–An arbitration panel has ordered Wells Fargo Advisors to pay $2.8 million to a family limited partnership that accused the firm of negligence in connection with alleged thefts from its investment account. The Miami , Fla.-based partnership had sued a former secretary, accusing her of forging signatures to transfer money out of its accounts, and won a $21 million judgment in a Florida district court in 2010. That suit alleged the secretary, Esther Spero, took the money for her personal use from accounts at Wachovia Securities and elsewhere between 2005 and 2008. Wachovia was later acquired by Wells Fargo & Co. (WFC ). In its separate arbitration claim against Wells Fargo, the partnership, called College Health and Investment Ltd., said the brokerage was negligent in failing to detect the alleged theft. The Financial Industry Regulatory Authority arbitration panel found Wells Fargo to be liable and ordered that it pay $ 2.3 million in damages and prejudgment interest. Wells Fargo also must also pay $419,000 in margin interest and $35,000 in costs. College Health and Investment Ltd. had requested $4.4 million, according to the arbitration panel ruling. As is customary in the FINRA claims system, the written award did not explain the panel’s reasoning. Robert Wayne Pearce, lawyer for the partnership, said it showed the panel agreed with the negligence claim. A Wells Fargo spokesman said in a statement, “We’re disappointed in the panel’s decision and don’t believe it was warranted by the facts presented during the hearing.” Write to Corrie Driebusch at corrie.driebusch@dowjones.com. Dow Jones Newswires 07-09-131607ET Copyright (c) 2013 Dow Jones & Company, Inc.
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