Investigators are examining what UBS employees knew about the use of non-purpose loans to clients who bought into closed- end funds, the person said, asking not to be identified because the inquiry is confidential. A customer said last year he was given credit to buy risky bond funds holding the island’s government debt.
UBS said in October it had put the broker on leave while examining loans to clients. The firm has concluded a review and terminated the employee, said
Puerto Rico bonds soared to records last year as fiscal strains cast doubt on the ability of the commonwealth and its agencies to repay debt.
Reuters reported the U.S. probe earlier today. The U.S. Attorney’s Office in
The loans were made to UBS clients through a
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