continue selling the bond funds or it would be stuck with all the risk on its own balance sheet, says craig mccann. he runs a securities consulting firm and has testified as a plaintiffs' expert witness during many arbitration hearings. >> well after the recession started in 2007 and 2008, and into the period when it was clear that puerto rican bonds were really risky and these funds being leveraged in the worst of those bonds speculative, extremely risky funds, it's clear that ubs was pressuring its brokers to sell these funds. >> reporter: some puerto rico investors may not have understood ubs' research reports highlighting the risks. they were not translated from english to spanish. according to testimony we obtained by the top ubs executive on the island, neither were the quarterly or annual reports from the funds. a perfect storm of events throughout 2013 put a spotlight on puerto rico's rapidly deteriorating fin situation, as rumors swirled that the island could be the next detroit. the u.s. city which filed for bankrupt that sparked a drop in the value of the bon the investors decided it wa

selling the bond funds, or it would be stuck with all the risk on its own balance sheet, says craig mccannulting firm and testified as a plaintiff's expert witness during many arbitration hearings. >> well after the recession started in 2007 and 2008, and into the period when it was clear that puerto rican bonds were really risky and these funds being leveraged in the worst of those bonds speculative, extremely risky funds, it's clear that ubs was pressuring its brokers to sell these funds. >> reporter: some puerto rico investors may not have understood ubs' research reports highlighting the risks they were not translated from english to spanish according to testimony we obtained by the top ubs executive on the island, neither were the quarterly or annual reports from the funds ubs declined to make anyone available for an interview but a spokesman wrote in a statement to cnbc that "concerns about the puerto rico economy and its prospects had been the subject of wide public debate and press coverage for many years, but no ratings agency or analysts predicted anything like the precipitous dr