UNITED STATES OF AMERICA

Before the

SECURITIES AND EXCHANGE COMMISSION

SECURITIES EXCHANGE ACT OF 1934 

Release No. 92512 / July 28, 2021

ADMINISTRATIVE PROCEEDING

File No. 3-16846

In the Matter of

UBS Financial Services Inc. of 

Puerto Rico,

Respondent.

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ORDER DIRECTING 

DISBURSEMENT OF FAIR FUND

ADMINISTRATIVE PROCEEDING

File No. 3-16847

In the Matter of

Ramiro L. Colon, III,

Respondent.

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On April 27, 2017, the Secretary, pursuant to delegated authority, published a Notice of 

Proposed Plan of Distribution and Opportunity for Comment (“Notice”),1 pursuant to Rule 1103 

of the Commission’s Rules on Fair Fund and Disgorgement Plans (“Commission’s Rules”);2 and 

simultaneously posted the Proposed Plan of Distribution (the “Proposed Plan”). The Notice 

advised interested persons that they could obtain a copy of the Proposed Plan from the 

Commission’s public website or by submitting a written request to Keshia W. Ellis, United 

 

1

 Exchange Act Rel. No. 80535 (Apr. 27, 2017).

2

 17 C.F.R. § 201.1103.
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States Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-5876. 

The Notice also advised that all persons desiring to comment on the Proposed Plan could submit 

their comments, in writing, within 30 days of the Notice. The Commission received no 

comments on the Proposed Plan during the comment period. On July 7, 2017, the Secretary, 

pursuant to delegated authority, issued an order approving the Proposed Plan,3 and posted the 

approved Plan of Distribution (the “Plan”). 

The Plan provides for Colon’s $25,000 civil money penalty to be consolidated with the 

funds paid by UBSPR for the purposes of distribution, and together, plus accrued interest, less 

taxes and administrative costs (the “Net Fair Fund”) be distributed to the harmed investors 

according to the methodology set forth in the Plan. In accordance with the Plan, the Claims Bar 

Date has passed and all timely submitted claims have been processed by the Fund Administrator. 

All investors whose claims have been denied, in whole or in part, have been notified and 

provided the opportunity to cure.

Pursuant to the Plan, the Fund Administrator has submitted a payment file with a 

reasonable assurance letter as to the completeness and accuracy of the information contained 

therein. The Commission staff has reviewed and accepted the payment file and requests, 

pursuant to Rule 1101(b)(6) of the Commission’s Rules, 17 C.F.R. § 201.1101(b)(6), that the 

Commission authorize the transfer of $15,355,456.19 from the Fair Fund to the Fair Fund’s 

escrow account at The Huntington National Bank for distribution by the Fund Administrator to 

the eligible claimants in accordance with the Plan. 

 

3

 See Order Approving Plan of Distribution and Consolidating Settlement Funds for Administration, Exchange Act 

Rel. No. 81100 (July 7, 2017).
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Accordingly, it is hereby ORDERED, that Commission staff shall transfer

$15,355,456.19 from the Fair Fund to the Fair Fund’s escrow account at The Huntington 

National Bank, and the Fund Administrator shall distribute such monies to the eligible claimants 

in accordance with the Plan. 

For the Commission, by the Division of Enforcement, pursuant to delegated authority.4

Vanessa A. Countryman

Secretary 

 

4

 17 C.F.R. § 200.30-4(a)(21)(v).