A retired couple received a $2.5 million award in a UBS Puerto Rico bond case. The retired couple claimed that their funds were improperly concentrated in the proprietary closed-end Puerto Rican bond funds. In 2013, the bonds began to lose their value, which resulted in a $2.1 million loss for the couple. The retired couple’s broker, Joseph Ramirez, Jr., is the subject of multiple customer complaints and exercised his Fifth Amendment right against self-incrimination when called to testify at the arbitration.

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