Puerto Rico COFINA bond losses with Angel Aquino-Velez & Morgan Stanley
Have you suffered losses investing in Puerto Rico COFINA bonds with Angel Aquino-Velez or Morgan Stanley? If so, the securities attorneys at The White Law Group may be able to help you recover your losses through FINRA Arbitration.
Morgan Stanley is finding itself in the middle of the Puerto Rico municipal bond mess. According to reports, there have been numerous arbitration claims filed against the firm involving sales of Puerto Rico bonds and closed-end funds involving former Miami broker, Aquino-Velez.
As we told you in May, Puerto Rico filed for bankruptcy with $70 billion of municipal debt. The Puerto Rico bonds and closed-end bond funds were triple tax free, making them popular with investors and retirees.
According to FINRA BrokerCheck, Aquino-Velez was registered with Morgan Stanley in Miami, Florida from 2010 until July 2017. He has fourteen disclosures listed on his Broker report, including six pending customer complaints. The allegations included unsuitability and misrepresentation regarding the purchase of municipal securities and closed-end funds for close to $7 million in damages.
Hurricane Maria’s devastation slows settlement of claims on munis and closed-end funds.
Bondholders may have more reason to worry since Hurricane Maria struck Puerto Rico on Sept. 20. FINRA’s Office of Dispute Resolution, which runs the arbitration group, said last week that it had frozen more than 900 arbitration cases based in Puerto Rico until Oct. 20.
Recovery of Investment Losses in COFINA bonds
The White Law Group is investigating the liability that brokerage firms such as Morgan Stanley may have for improperly selling Puerto Rico COFINA Bonds.
Broker dealers are required to perform adequate due diligence on all investment recommendations to ensure that each investment recommendation that is made is suitable for the investor in light of the investor’s age, risk tolerance, net worth, financial needs, and investment experience.
Fortunately, FINRA does provide for an arbitration forum for investors to resolve such disputes and if a broker or brokerage firm makes an unsuitable investment recommendation or fails to adequately disclose the risks associated with an investment they may be found liable for investment losses in a FINRA arbitration claim.
If you suffered losses investing with Angel Aquino-Velez or Morgan Stanley, the attorneys at The White Law Group may be able to help you. You may be able to recover your losses by filing a FINRA Arbitration claim against the brokerage firm that recommended the investment to you.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida. The firm represents investors throughout the country in claims against their brokerage firm.
For a free consultation with one of the firm’s securities attorneys, please call (888) 637-5510. For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.