SEC accuses ex-UBS employee from Puerto Rico branch of fraud scheme

Sept 29 (Reuters) - The U.S. Securities and Exchange Commission sued a former UBS AG adviser from its Puerto Rico branch on Tuesday, accusing him of misleading investors in the sale of $50 million in mutual fund investments tied to the territory's munipical bonds.

In a lawsuit filed in federal court in Puerto Rico, the SEC said Jose Ramirez, 56, convinced UBS customers to improperly use loans offered by UBS to buy additional shares in the non-exchange traded closed-end mutual funds.

(Reporting by Nate Raymond in New York; Editing by Chizu Nomiyama)