FRANK JULIO CARRASCO is currently employed as a Broker and/or Investment Adviser at UBS FINANCIAL SERVICES INCORPORATED OF PUERTO RICO located at 250 MUNOZ RIVERA AVENUE, SAN JUAN, PR, 00918.
FRANK JULIO CARRASCO has worked at UBS FINANCIAL SERVICES INCORPORATED OF PUERTO RICO since August 16, 2007
Disclosure History
FRANK JULIO CARRASCO has 2 Disclosure Event(s).
Date: September 24, 2015 Category: Customer Dispute Allegations: Carrasco was a subject of the customers' complaint against his member firm that asserted the following causes of action: violation of the Puerto Rico Uniform Securities Act, securities fraud, common law fraud, and constructive fraud; unsuitability; breach of fiduciary duty; negligence and negligent supervision; breach of contract; and Respondeat Superior. Damage Amount Requested: $840,000.00 Broker Comment: Claimants alleged that UBS Financial Services Incorporated of Puerto Rico and UBS Financial Services Inc. unsuitably recommended that Claimants concentrate their accounts in the Closed End Funds invested in Puerto Rico securities. I was not named as a party in this matter and I deny these allegations in their totality. I recommended high quality portfolios that included primarily AAA/GNMA/Target funds and Puerto Rico Sales Tax Bonds (A+ rated at the time of purchase) for the income component and UBS Portfolio Management Program accounts for the equity component. I kept extensive notes regarding my interactions and recommendations to the clients, which included examples of the diligence I used when recommending transactions. The claimants initiated an arbitration despite the fact that each and every one of their accounts were profitable, overall. Specifically, Claimants' UBS accounts, combined, had a very large overall profit, including large profits on their investments in the Funds. As in most FINRA arbitrations the basis for the award was not outlined by the arbitrators in the decision. However, the overall award was materially less than the claim and no costs or other fees were awarded to the claimants. I was not required to contribute to the award.
Date: September 14, 2015 Category: Customer Dispute Allegations: Claimant alleges unsuitable recommendations, over-concentration and misrepresentations in connection with his purchase of closed-end funds and Puerto Rico bonds. TimeFrame: October 2008 through Present. Damage Amount Requested: $268,000.00 Settlement Amount: $35,000.00 Broker Comment: The client, who is a successful business person and close family friend, purchased a bond over ten years ago at a different brokerage house from the recommendation of a different advisor. I did not recommend nor advise the client to purchase the security involved in the claim. On 10/27/2008, at the client's request, as a friend, I agreed to open an account at UBS for him to deposit this bond. During this time, the client, on his own accord, conducted significant research on the bond he had purchased and, in consultation with external advisors, chose not to capitalize from several opportunities to diversify despite my recommendations to do so. Despite the fact this case was settled, no liability or wrongdoing on my part, should be inferred whatsoever. The Firm settled this matter strictly as a business decision to avoid the costs of and the uncertainties of the arbitration forum. It should also be noted that this case settled for approximately 10% of claimed losses as stated by the client and I was not asked to contribute any personal funds toward the settlement of this matter. I intend to seek all remedies afforded to me to have these unfair and false claims removed from my professional record.
More Information
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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.
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