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...

To continue reading this article...

Join International Investment

Join International Investment today

Unlock members-only benefits:

  • Unlimited access to real-time news, industry insights, video features and market intelligence
  • Stay ahead of the curve with spotlights on international financial centres, regional trends international advice and global industry leaders
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Hear the latest cross jurisdictional developments in wealth planning, tax, regulation, investing, retirement and protection
  • Members-only access to the Editor’s weekly news roundup newsletter
  • Members-only access to analysis via our exclusive industry polls
  • Be the first to hear about our events and awards programmes

Join now

 

Already a International Investment member?

Login