(Bloomberg) -- U.S. authorities in Puerto Rico are investigating allegations that a former UBS AG broker improperly advised clients to borrow money to make investments, a person briefed on the probe said.
Investigators are examining what UBS employees knew about the use of non-purpose loans to clients who bought into closed- end funds, the person said, asking not to be identified because the inquiry is confidential. A customer said last year he was given credit to buy risky bond funds holding the islands government debt.
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