UBS Financial Services Inc. was ordered to pay $18.2 million to a family who invested in funds containing Puerto Rican municipal bonds, whose value tanked in 2013.
The Financial Industry Regulatory Authority arbitration award issued Wednesday to retired Puerto Rican auto executive Victor Gomez Jr. and his family includes about $4 million in punitive damages against UBS, which faced allegations it recklessly allowed a broker to commit fraud and violations of securities law.
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