In Retrospect, UBS Brokers Would Not Have Sold Investors Puerto Rico Debt, Lied About It 2 Seconds Before The Place Went Bankrupt
Thirty-two million dollars in fines will do that to a person.
UBS and two ex-employees were hit with $32 million in penalties and sanctions by regulators on Tuesday for selling Puerto Rico’s toxic debt to unsuspecting investors before the US commonwealth went bankrupt. The bank’s Puerto Rico unit and ex-supervisor Ramiro Colon turned a blind eye to broker Jose Ramirez, who sold $50 million in bonds and lied about the risk, according to a settlement between UBS and the SEC. [NYP]
![By U.S. Department of Defense Current Photos Kris Grogan/U.S. Customs and Border Protection Office of Public Affairs - Visual Communications Division (170923-H-NI589-0009) [Public domain], via Wikimedia Commons](https://dealbreaker.com/.image/ar_16:9%2Cc_fill%2Ccs_srgb%2Cfl_progressive%2Cg_faces:center%2Cq_auto:good%2Cw_620/MTYxMjc3MzI1MjIwMjU5MzE3/prdamage.jpg)