JOSEPH M HAIGLER 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.
JOSEPH M HAIGLER has worked at UBS FINANCIAL SERVICES INCORPORATED OF PUERTO RICO since September 10, 2007
Disclosure History
JOSEPH M HAIGLER has 6 Disclosure Event(s).
Date: November 17, 2016 Category: Customer Dispute Allegations: Time frame: UnspecifiedClaimants allege that their investments in Puerto Rico closed-end bond funds were unsuitable, over concentrated and misrepresented as safe investments. Damage Amount Requested: $800,000.00 Settlement Amount: $200,000.00 Broker Comment: I inherited his account on November 19 of 2010. During that time we met and had long meetings. The client was 80 years old at the time, born in Cuba but became a US citizen in Puerto Rico as well as his wife. He was concerned regarding investing in US bonds because of the risk of inheritance taxes in the US. This was a major concern and why the client invested in Puerto Rico bonds. It is not true to say that the client's portfolio was not diversified properly. During my tenure, the client invested more money in the PR closed end funds and in other bonds. I gave him a very comprehensive explanation of the closed end fund, advantages and disadvantages and the way leverage had impact on the dividend and risk. He had excellent investment experiences in the past in these funds. Each time the client made deposits with new money to invest, we had an extensive conversation regarding alternatives to invest in. When the market value were deteriorating because the economy, I recommended swapping some bonds to better quality bonds like the Cofina bonds, which I believe had a potential of a better recovery. I always had excellent communication and a strong relationship with the claimant, but like many other client, they did not want to lose income nor the tax advantages offered. I should not be held responsible for the collapse of the PR market and economy.
Date: November 09, 2016 Category: Customer Dispute Allegations: Haigler was a subject of the customers' complaint against his member firm that asserted the following causes of action: breach of fiduciary duty; negligence, gross negligence and breach of the duty of due care; breach of contract and the covenant of good faith and fair dealing; violations of Puerto Rico and state and federal securities laws; common law fraud and deceit; and failure to supervise, control person liability and respondeat superior. Damage Amount Requested: $3,000,000.00 Broker Comment: This claimant was my client since my years at Smith Barney. Since the very beginning I tried to convince him to diversify the portfolio between fixed income and equities, but he never wanted. I tried for many years. I consider the claimant my friend and I spent extra time talking to him regarding his investment, their risk, advantages and disadvantages, especially the PR Closed end Funds and their leverage and liquidity. In October 2014, I recommended he invest in Pimco High Yield closed end fund (PHK) as a strategy outside of investing in Puerto Rico. The objective was to reinvest and achieve potential growth, and to compensate the market fluctuations by reinvesting at lower prices. I also recommended that he sell the POB bond to invest the proceeds into the Cofina bonds, looking to improve quality, but he did not accept this advice either. During 2015, he stopped reinvesting, contrary to my advice. The client is a sophisticated investor as well as being very organized. Each time we invested in the Puerto Rico bond market, he was very aware of the risk, advantages and disadvantages and the economy of the Island. I should not be held responsible for the collapse of the PR market and economy.
Date: February 02, 2016 Category: Customer Dispute Allegations: Time Frame: March 2011 - PresentClaimant alleges unsuitable recommendations and misrepresentations in connection with his purchases of Puerto Rico bonds and closed-end municipal bond funds. Damage Amount Requested: $600,000.00 Settlement Amount: $200,000.00
Date: September 02, 2015 Category: Customer Dispute Allegations: Claimants allege unsuitability, overconcentration and misrepresentation involving the recommendation of Puerto Rico closed-end funds. Time Frame: 08/25/2009 through Present. Damage Amount Requested: $964,333.33
Date: June 16, 2014 Category: Customer Dispute Allegations: TIME FRAME: UNSPECIFIED CLAIMANTS ALLEGES THAT FA RECOMMENDED A "RECKLESS AND UNSUITABLE CONCENTRATION IN HIGH RISK" CLOSED-END FUNDS. Damage Amount Requested: $274,434.00 Settlement Amount: $110,000.00
Date: June 13, 2014 Category: Customer Dispute Allegations: CLAIMANT ALLEGES UNSUITABLE RECOMMENDATIONS AND MISREPRESENTATIONS IN CONNECTION WITH HER PURCHASE OF CLOSED-END PUERTO RICO MUNICIPAL BOND FUNDS AND PUERTO RICO BONDS. TIME FRAME: 2007 - PRESENT. Damage Amount Requested: $438,585.00 Settlement Amount: $300,000.00
More Information
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