Lawmakers Cracking Down on Elder Abuse

Wednesday, July 1st, 2015

As elder abuse cases become more prevalent in the financial community, more measures are being put in place to protect potential victims. State securities regulators are working on measures so states can better protect senior citizens from financial exploitation.

Washington, Delaware, and Missouri have all begun enacting laws that specifically defend against elder abuse.

With these new laws, brokers are allowed to notify state and local authorities if they suspect that their client is being scammed. This also allows financial professionals to suspend transactions of their clients’ accounts for a set period of time. Brokers are also protected from liability if they do report the abuse.

More states are beginning to consider similar rulings and the North American Securities Administrators Association is attempting to provide guidance.

Financial abuse of the elderly can include family members, friends, caretakers, dishonest financial advisors and many other people that target the elderly. The North American Securities Administrators Association reports that 34% of the enforcement actions that its members have taken since 2008 have involved elderly victims. It is widely believed that most cases of elder abuse go unreported.

The issues with protecting seniors, is that privacy laws are involved. Because of this lawmakers must decide if a broker can contact a family member, or, because a family member is not a governmental party, does contacting them breach the client’s privacy.

Teaching elderly clients and the financial professionals that manage the retirement savings of the elderly what red flags to watch for can help them to navigate potential scams.

Tags: , , ,

Puerto Rico Municipal Bond Funds

Tuesday, June 30th, 2015

According to reports,  U.S. fund manager OppenheimerFunds, the largest holder of Puerto Rico debt among U.S. municipal bond funds, warns that it stands ready to defend the terms of bonds it holds. This statement comes a day after the governor said he wanted to restructure debt and postpone bond payments.

Puerto Rico’s Governor Alejandro Garcia Padilla recently stated that he wants to offer reduced payouts as he tries to restructure the island’s $73 billion debt to relieve its fiscal problems.

OppenheimerFunds, believes the island can repay bondholders while providing essential services to citizens and growing the economy.

Governor Padilla said on Monday his goal was to come up with a negotiated moratorium with bondholders to postpone debt payments for a number of years.

Puerto Rico’s bonds fell sharply for a second session on Tuesday, with general obligation 8 percent bonds maturing in 2035 as low as $64.50 versus a low of $68.75 on Monday. Almost 10 percent of municipal bonds that tradedMonday were Puerto Rico-related.

After Governor Padilla’s remarks, S&P said a default, distressed exchange or redemption of Puerto Rico’s debt within the next six months seemed inevitable.

The commonwealth is still making payments. On Tuesday it made its final payment on a $900 million short-term loan, according to a source close to the banks. It will also make a coupon payment of $645.2 million on its general obligation debt, due Wednesday.

Puerto Rico’s deepening financial crisis could speed up an exodus of money from U.S. municipal bond funds.

U.S. open-ended municipal bond funds have $11 billion of Puerto Rico bonds and nearly 53 percent of such funds have exposure to the commonwealth. These municipal funds typically have multiple investors and are popular for retirement funds.

The White Law Group continues to investigate the liability that brokerage firms may have for recommending investments in Puerto Rico bonds and bond funds over concentrated in Puerto Rico debts.

If you suffered losses in a Puerto Rico bond or bond fund and would like a free consultation with a securities attroney, please call The White Law Group at 312-238-9650.

To learn more about The White Law Group, please visit our website  http://www.whitesecuritieslaw.com/

For more artlicles pertaining to Puerto Rico bond losses, please visit: http://www.whitesecuritieslaw.com/2015/06/30/puerto-rico-bond-losses/

 

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Investigation into Braintree Park

Tuesday, June 30th, 2015

Have you suffered losses in Braintree Park, a Direct Invest TIC? If so, the White Law Group may be able to help recoup some of your loses.

The White Law Group is investigating potential securities fraud claims involving broker-dealers’ improper recommendation that investors purchase risky tenant-in-common (or TIC) investments, including Braintree Park.

Many investors were attracted to the potentially high returns offered by TICs, especially retired investors seeking a source of income. Unfortunately, TICs are high risk, speculative investments and arguably unsuitable for most investors since the TICs performance and ability to make distributions to investors is dependent on the underlying real estate property and the overall health of the real estate market.

In addition, TICs typically pay a high commission – often as much as 10%. Unfortunately for investors, these high commissions provide enough motivation for some brokers to overlook suitability issues when recommending TICs to clients.

The White Law Group has handled many FINRA arbitrations involving TIC investments, like Braintree Park, and have found that in many cases the broker-dealers that recommended these investments failed to perform the necessary due diligence on the investments prior to recommending them for sale to their clients.

If you have concerns about Braintree Park or another TIC investment you purchased, please call The White Law Group’s Chicago office at (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website www.whitesecuritieslaw.com.

Tags: , , , , , , , , , , , , , , , ,

Recovery of Natixsis Managed Futures Strategies Fund Losses

Tuesday, June 30th, 2015

Have you invested in Natixsis Managed Futures Strategies Fund and suffered losses? If so, The White Law Group may be able to help recoup some of your losses.

Managed futures are a type of alternative investment that invest primarily in the futures market and other derivative securities. Unfortunately for many, investors are not always aware of the exorbitant fees that are associated with managed futures, and often fail to consider the possibility that high fees could completely wipe out any profits.

Furthermore, managed futures fund, like Natixis Global Asset Management Managed Futures Strategy Fund, are complex and inherently risky products. Compared to traditional investments, such as stocks, bonds and mutual funds, managed futures funds are significantly more complex and often better suited for sophisticated and institutional investors.

Brokers have a responsibility to make suitable investment recommendations that are in line with a clients age, risk tolerance, investment experience, financial objectives and net-worth. When a broker misleads a client or makes unsuitable investment recommendations they can be liable for investment losses.

To determine whether you may be able to recover investment losses incurred as a result of your purchase of Natixsis Managed Futures Strategies Fund , please contact The White Law Group at (312) 238-9650 for a free consultation.

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.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.

Tags: , , , , , , , , ,

Puerto Rico Bond Losses

Tuesday, June 30th, 2015

**Update**

The US government has announced that it will not bail out Puerto Rico. Subsequently, the commonwealth may default on its debt.This would cause a historic economic collapse since Puerto Rico’s governor said the island cannot pay its $72 billion in debts. The inability of the U.S. territory to repay its debt, combined with the financial crisis in Greece, may have far-reaching implications for financial markets and their American investors.

Puerto Rico became a territory of the United States in 1898. It cannot legally file for bankruptcy like American cities have done when faced with similar fiscal crises. Puerto Rico’s constitution states that it must make debt payments before paying for any other government services. This leaves the island in a fiscal limbo if it cannot make its payments.

Many investors in Puerto Rico municipal bonds have concern for their investments. The commonwealth has been able to stave off a bail out but the island remains indebted more than $70 billion dollars, or about 68% of its gross domestic product. Furthermore the three major bond credit rating agency downgraded Puerto Rico bonds to non-investment grade also called “junk status.”

According to the New York Times, “Puerto Rico is struggling with far more debt than analysts believe it can repay.” In addition the Times suggests that much of the debt is owned by middle-class Americans who indirectly bought municipal bonds as part of their retirement accounts.

Unlike states, US territories and commonwealths are not able to file bankruptcy. According to reports, the island is seeking a $2.2 billion dollar loan.

Unfortunately for many Puerto Rico bond investors they may have suffered significant losses in their investment. Although junk bonds pay high yield, they also carry higher than average risk that the debtor will default on the bond.

The White Law Group is investigating the liability that brokerage firms may have for recommending these risky bonds. Brokerage firms are required to perform adequate due diligence on any investment they recommend and to adequately disclose the risks of any investment. Additionally, brokerage firms are required to ensure that all investment recommendations made are suitable in light of the client’s age, investment experience, investment objectives, net worth, and income.

The following is a list of bonds that may be impacted by Puerto Rico’s current economic state:

Childrens Tr Fd P R Tob Asset Backed Bds-ser A 16876QBJ7
Puerto Rico Comwlth Pub Impt-ser A 7451455B4
Puerto Rico Comwlth Cap Apprec-ref-pub Impt 745145AT9
Puerto Rico Comwlth Cap Apprec-ref-pub Impt 745145AU6
Puerto Rico Comwlth Cap Apprec-ref-pub Impt 745145AW2
Puerto Rico Comwlth Ref-pub Impt 745145AX0
Puerto Rico Comwlth 745145EK4
Puerto Rico Comwlth Ref-pub Impt-ambac Tcrs 745145GB2
Puerto Rico Comwlth Pub Impt 745145HP0
Puerto Rico Comwlth Pub Impt-ser A 745145R38
Puerto Rico Comwlth Ref-pub Impt-ser A 745145T69
Puerto Rico Comwlth Pub Impt-fsa-cr 745145TM4
Puerto Rico Comwlth Cap Apprec-ref-natl Ibc-bny 745145TT9
Puerto Rico Comwlth Pub Impt 745145VB5
Puerto Rico Comwlth Pub Impt 745145VF6
Puerto Rico Comwlth Ref-pub Impt-ser A 745145YM8
Puerto Rico Comwlth Ref-insd-pub Impt-ser A 745145YQ9
Puerto Rico Comwlth Ref-pub Impt-ser A 745145YY2
Puerto Rico Comwlth Ref-pub Impt-ser A 745145ZB1
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LA56
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LA80
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LB63
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LB89
Puerto Rico Comwlth Unrefunded Bal-pub Impt 74514LBJ5
Puerto Rico Comwlth Unrefunded Bal-pub Impt-ser A 74514LBM8
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LC70
Puerto Rico Comwlth Cap Apprec-ref-xlca-icr 74514LCF2
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LD20
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LD87
Puerto Rico Comwlth Pub Impt-ser A 74514LDE4
Puerto Rico Comwlth Ser A 74514LE86
Puerto Rico Comwlth Pub Impt-ser A-cifg-tcrs 74514LEG8
Puerto Rico Comwlth Pub Impt-ser A-asset Gty-ibcc 74514LGL5
Puerto Rico Comwlth Ref-pub Impt 74514LHL4
Puerto Rico Comwlth Ref-pub Impt 74514LHM2
Puerto Rico Comwlth Pub Impt-ser A 74514LJX6
Puerto Rico Comwlth Pub Impt-ser A 74514LKA4
Puerto Rico Comwlth Pub Impt-ser A 74514LMA2
Puerto Rico Comwlth Pub Impt-ser A 74514LMB0
Puerto Rico Comwlth Pub Impt-ser A 74514LME4
Puerto Rico Comwlth Pub Impt-ser A 74514LMH7
Puerto Rico Comwlth Pub Impt-ser A 74514LML8
Puerto Rico Comwlth Pub Impt-ser A 74514LMM6
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LNE3
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LNG8
Puerto Rico Comwlth Pub Impt-ser A-agc-icc 74514LNJ2
Puerto Rico Comwlth Unrefunded Bal-pub Impt-ser A 74514LPT8
Puerto Rico Comwlth Unrefunded Bal-pub Impt-ser A 74514LPX9
Puerto Rico Comwlth Unrefunded Bal-pub Impt-ser A 74514LQA8
Puerto Rico Comwlth Unrefunded Bal-pub Impt-ser A 74514LQB6
Puerto Rico Comwlth Unrefunded Bal-ref-pub Impt-b 74514LQE0
Puerto Rico Comwlth Unrefunded Bal-ref-pub Impt-b 74514LQF7
Puerto Rico Comwlth Unrefunded Bal-2007-pub Impt 74514LQK6
Puerto Rico Comwlth Unrefunded Bal-a-radian-ibcc 74514LQW0
Puerto Rico Comwlth Unref Bal-07-pub Impt-natl Ibc 74514LRG4
Puerto Rico Comwlth Retail-ref & Pub Impt-ser C 74514LSU2
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LTG2
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LTL1
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LTR8
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LTS6
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LTT4
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LTU1
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LTW7
Puerto Rico Comwlth Ref-pub Impt-c7-conv-07/1/08 74514LUR6
Puerto Rico Comwlth Ref-pub Impt-c7-conv-07/01/08 74514LUS4
Puerto Rico Comwlth Unrefunded-pub Impt-b-agc-icc 74514LUV7
Puerto Rico Comwlth Pub Impt-ser A 74514LVL8
Puerto Rico Comwlth Pub Impt-ser A 74514LVM6
Puerto Rico Comwlth Pub Impt-ser A 74514LVN4
Puerto Rico Comwlth Ref-pub Impt-ser A-4-rmkt 74514LVU8
Puerto Rico Comwlth Ref-pub Impt-ser B 74514LVZ7
Puerto Rico Comwlth Ref-pub Impt-ser C 74514LWA1
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LWJ2
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LWK9
Puerto Rico Comwlth Ref-pub Impt-ser A 74514LWR4
Puerto Rico Comwlth Ref-pub Impt-ser C 74514LWY9
Puerto Rico Comwlth Ref-pub Impt-ser C 74514LXA0
Puerto Rico Comwlth Ref-pub Impt-ser C 74514LXC6
Puerto Rico Comwlth Ref-pub Impt-ser C 74514LXD4
Puerto Rico Comwlth Ref-pub Impt-ser C 74514LXH5
Puerto Rico Comwlth Pub Impt-ser A 74514LYW1
Puerto Rico Comwlth Ref-pub Impt-ser D 74514LZC4
Puerto Rico Comwlth Ref-pub Impt-ser D 74514LZH3
Puerto Rico Comwlth Ref-pub Impt-ser E 74514LZL4
Puerto Rico Comwlth Ref-pub Impt-ser E 74514LZN0
Puerto Rico Comwlth Aqueduct & Ref-ser B 745160PR6
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160PX3
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160PY1
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160PZ8
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160QA2
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160QB0
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160QC8
Puerto Rico Comwlth Aqueduct & Sr Lien-ser B 745160QG9
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A-radian-ibcc 745160QV6
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160RC7
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160RD5
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160RG8
Puerto Rico Comwlth Aqueduct & Sr Lien-ser A 745160RR4
Puerto Rico Comwlth Govt Dev Sr Nts-ser A 745177EN1
Puerto Rico Comwlth Govt Dev Taxable-sr Nts-d-build 745177EU5
Puerto Rico Comwlth Govt Dev Sr Nts-ser H 745177FB6
Puerto Rico Comwlth Govt Dev Sr Nts-ser H 745177FC4
Puerto Rico Comwlth Govt Dev Sr Nts-ser H 745177FD2
Puerto Rico Comwlth Govt Dev Sr Nts-ser H 745177FF7
Puerto Rico Comwlth Govt Dev Taxable-sr Nts-ser A 745177FM2
Puerto Rico Comwlth Govt Dev Taxable-sr Nts-ser A 745177FN0
Puerto Rico Comwlth Hwy & Ref-ser Cc 745181C54
Puerto Rico Comwlth Hwy & Ref-ser Cc 745181C70
Puerto Rico Comwlth Hwy & Ref-ser Cc-fsa-cr 745181D46
Puerto Rico Comwlth Hwy & Ref-ser Cc-natl Ibc 745181D61
Puerto Rico Comwlth Hwy & Ref-ser Cc-agc-icc 745181F85
Puerto Rico Comwlth Hwy & Prerefunded-ref-ser W 745181L21
Puerto Rico Comwlth Hwy & Unrefunded Balance-ref-ser X 745181L70
Puerto Rico Comwlth Hwy & Prerefunded-ref-ser Aa 745181M95
Puerto Rico Comwlth Hwy & Unrefunded Balance-ref-ser 745181N52
Puerto Rico Comwlth Hwy & Ser Y 745181NB9
Puerto Rico Comwlth Hwy & Unrefunded Balance-ref-ser Bb 745181P35
Puerto Rico Comwlth Hwy & Ref-ser Aa-natl Ibc 745181YW1
Puerto Rico Comwlth Hwy & Unrefunded Balance-2011-ser D 7451902B3
Puerto Rico Comwlth Hwy & Unrefunded Balance-2011-ser G 7451902R8
Puerto Rico Comwlth Hwy & Unrefunded Balance-2011-ser G 7451902S6
Puerto Rico Comwlth Hwy & Unrefunded Balance-ser M 7451903D8
Puerto Rico Comwlth Hwy & Unrefunded Balance-ser J 7451903P1
Puerto Rico Comwlth Hwy & Unrefunded Balance-2011-ser G- 7451904B1
Puerto Rico Comwlth Hwy & Sub-p R St Infrastr-natl Ibc 745190DA3
Puerto Rico Comwlth Hwy & Ser A-natl Ibc 745190DH8
Puerto Rico Comwlth Hwy & Ref-ser N-ambac Tcrs-bny 745190E79
Puerto Rico Comwlth Hwy & Ser E 745190HA9
Puerto Rico Comwlth Hwy & Ser E 745190HC5
Puerto Rico Comwlth Hwy & Ser E 745190HJ0
Puerto Rico Comwlth Hwy & Ser G 745190KC1
Puerto Rico Comwlth Hwy & Ref-ser N-agc-icc-fsa-cr 745190M88
Puerto Rico Comwlth Hwy & Sub 745190MH8
Puerto Rico Comwlth Hwy & Ser I 745190PN2
Puerto Rico Comwlth Hwy & Ser I 745190PQ5
Puerto Rico Comwlth Hwy & Ser J 745190QH4
Puerto Rico Comwlth Hwy & Ser K 745190TR9
Puerto Rico Comwlth Hwy & Ref-ser L 745190UF3
Puerto Rico Comwlth Hwy & Ref-ser L 745190UH9
Puerto Rico Comwlth Hwy & Ref-ser L 745190UQ9
Puerto Rico Comwlth Hwy & Ser K-cifg-tcrs 745190VW5
Puerto Rico Comwlth Hwy & Ser I-radian-ibcc 745190X52
Puerto Rico Comwlth Hwy & Ser M-radian-ibcc 745190Y51
Puerto Rico Comwlth Hwy & Ref-ser N 745190ZM3
Puerto Rico Comwlth Hwy & Ref-ser N 745190ZP6
Puerto Rico Comwlth Hwy & Ref-ser N 745190ZQ4
Puerto Rico Comwlth Hwy & Ref-ser N 745190ZT8
Puerto Rico Comwlth Indl Dev 745211LJ9
Puerto Rico Comwlth Ser A 745220EG4
Puerto Rico Comwlth Ser A 745220EH2
Puerto Rico Comwlth Ser A 745220EJ8
Puerto Rico Comwlth Cap Apprec-ser A 745220EP4
Puerto Rico Comwlth Cap Apprec-ser A 745220ES8
Puerto Rico Comwlth Ser B 745220EZ2
Puerto Rico Comwlth Ref-ser C 745220FH1
Puerto Rico Comwlth Ref-ser C 745220FJ7
Puerto Rico Comwlth Ref-ser C

If you are concerned about your bond investments and would like to speak to a securities attorney about your potential to recover your investment losses, please call our Chicago office at 312-238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website at www.whitesecuritieslaw.com.

Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,