24 Oct UBS Broker misappropriated Argentinian widow’s funds
UBS Broker misappropriated Argentinian widow’s funds – Claim Alleges
Coral Gables, Fl. October 23, 2018 – Lombana Hoelle Trial Law and Mark A. Tepper, P.A. have filed a claim against UBS Financial Services [NYSE: UBS] on behalf of an Argentinian widow and her three children.
The Claim contends that UBS failed to supervise its broker, ALEX GERARDO HERRERA, who misappropriated the widow’s and her children’s funds to build a vacation home for himself. Herrera operated from the UBS Coral Gables, Florida Branch which focused on serving the investment needs of foreign clients, primarily from Latin America, the Claim alleges.
“The UBS broker’s outside investment scheme involved the purchase of an unfinished villa in Coral Gables, Florida. The broker’s scheme was to acquire the property and complete construction, using Claimants’ funds, and then sell it, keeping the profit for himself. Next, utilizing Claimants’ funds from the sale of [the property], the broker bought property in North Carolina and proceeded to build a vacation home for himself,” the Claim alleges.
In addition to other FINRA rule violations, the Claim also contends that [UBS] “charged the widow and her children commission and fees, in excess of $500,000, while generating no profit or investment returns as the stock market was doubling.”
We are continuing investigations into alleged claims against UBS and other brokers. If your broker was Alex Herrera, or you have information related to the Claim against UBS contact either law firm. To contact attorney Mark Tepper, email firstname.lastname@example.org or call (954) 961-0096. To contact attorney Maria Isabel Hoelle, email email@example.com or call (305) 859-0092.