updated 3/7/2011 1:17:51 PM ET 2011-03-07T18:17:51

FORT LAUDERDALE, Fla., March 7, 2011 (GLOBE NEWSWIRE) -- The Law Firm of David R. Chase, P.A., headed by a former SEC Prosecutor, announces that it is has filed a FINRA Arbitration claim on behalf of an elderly retiree against UBS Financial Services Incorporated of Puerto Rico (UBS) to recover losses sustained in the Puerto Rico Conservation Trust Fund Secured Notes 5.90% due 2034.

The arbitration claim alleges UBS made an unsuitable investment recommendation when its financial advisor solicited the purchase of the Puerto Rico Conservation Trust Fund Secured Notes to an elderly retiree who sought income and a conservative to modest investment approach, but who did not seek to aggressively invest. When sold in March of 2008, the Puerto Rico Conservation Trust Fund Secured Notes 5.90% were "extremely complex, speculative and carried great credit risk," were "rated B2 by Moody's" (junk debt) and were sold in a "relatively illiquid, secondary market" the claim contends. The claim further alleges that the purchase of these notes, which comprised approximately 23% of the entire portfolio, coupled with a concentration of Puerto Rico Bond Funds, created a dangerous portfolio over-concentration in Puerto Rico debt, which was also improper and caused significant losses.

The claim accuses UBS of misrepresentations and omissions, negligence and gross negligence, breach of fiduciary duty and negligent supervision, and seeks the return of the investor's full losses, in addition to interest, costs of the arbitration and punitive damages.

If you or a family member purchased Puerto Rico Conservation Trust Fund Secured Notes through a securities brokerage firm, including UBS, and suffered losses, or if you have information about this matter, you may contact me to discuss your investment recovery options in a confidential case evaluation at no charge, toll free at: (888)-337-8625. I will personally take your call.

My law firm is based in Fort Lauderdale, Florida and represents investors worldwide in cases against the major Wall Street Firms. I have been practicing law for over 18 years, and am AV-Rated by Martindale-Hubbell -- its highest competence and ethics rating -- and previously served as a prosecutor for the SEC. More about the firm is available at: www.stockfraudlawyer.net .

CONTACT: David R. Chase, Esq.
         Law Office of David R. Chase, P.A.
         1700 East Las Olas Boulevard
         Penthouse 2
         Fort Lauderdale, FL 33301
         888-337-8625 (Toll Free)
         Email: david@davidchaselaw.com

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