Ramon Almonte is the Subject of a Puerto Rico Closed-End Fund Dispute
Ramon “Cholo” Almonte (CRD #: 1014799), a broker registered with UBS Financial Services, has racked up 247 investor disputes. This is according to his BrokerCheck record, accessed on February 26, 2024. Investors can keep reading for details on the latest dispute.
Investor Allegations
On November 28, 2023, investors alleged that Ramon Almonte unsuitably recommended they invest in and hold Puerto Rico closed-end funds. They further alleged he misrepresented the risks of concentrating in Puerto Rico investments.
The investors are seeking $250,000.
Previous Investor Allegations
Ramon Almonte faced four investor disputes in 2020 alone. Each dispute alleged he recommended unsuitable Puerto Rico municipal bonds or closed-end funds. These disputes were collectively settled for approximately $2.1 million dollars.
Puerto Rico Closed-End Funds
Major credit agencies downgraded bonds issued by Puerto Rico in 2014. This marked the beginning of a serious, nationwide debt crisis. UBS advisors allegedly continued to recommend Puerto Rico closed-end funds even after it became clear that these funds may not be in their customers’ best interests.
What is a Closed-End Fund?
Closed-end funds are companies that offer shares during an initial public offering and often invest in risky products. They come with regular distributions but also have high fees that can negate any returns, making them unsuitable for many investors.
Background Information
Ramon Almonte has passed the following exams:
- Series 65 Uniform Investment Adviser Law Examination
- Series 63 Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
He is a registered broker in 14 states, D.C., and Puerto Rico. He is also a registered investment adviser in Puerto Rico.
During his 42 years of experience, he has registered with three firms:
- UBS Financial Services (CRD #: 8174)
- UBS Financial Services Incorporated of Puerto Rico (CRD #: 13042)
- Kidder, Peabody & Co. Incorporated (CRD #: 7613)
Kurta Law Can Help
If you have worked with Ramon Almonte and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.