Former UBS broker gets a year in prison over Puerto Rico bond sales

Pedro Gonçalves
clock • 2 min read

A former top broker in Puerto Rico for the Swiss banking giant UBS was sentenced to a year and a day in prison,  after pleading guilty to criminal bank fraud for pocketing $1m in commissions in a scheme that saw many investors lose their life savings. Jose Ramirez will be the first former UBS Puerto Rico employee to serve jail time for a role in the scheme, which centered on sales of the firm's proprietary closed-end bond funds. "I'm not here to blame anyone else," Ramirez, a 60-year-old father of three, told the judge in federal court in Washington. "I ruined my record, my life and t...

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