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November 30, 2016
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Blog, Current Investigations
UBS Loses Again on Puerto Rican Bonds UBS was dealt another blow from its sale of Puerto Rican bonds and closed-end funds by FINRA, who ordered the firm to pay over $700,000 to two elderly clients. As we’ve told you, UBS has been under fire in a number of FINRA arbitration cases from clients claiming …
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September 14, 2016
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Blog, Current Investigations
UBS Group AG’s wealth management business must pay a combined $750,000 to three investors who claimed damages tied to their investments in Puerto Rico’s debt, according to the Financial Industry Regulatory Authority Inc. According to a FINRA document , the arbitration award will go to Jose A. Rivera
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April 27, 2016
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Blog, Securities Fraud
The debt crisis in Puerto Rico continues to loom over the commonwealth. Although the island is a U.S. territory, it’s public corporations are not covered by U.S Bankruptcy code. With a $422 million debt payment due May 1 and another $2 billion due in July, the threat of default is nearing a very real
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March 30, 2016
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Blog, Securities Fraud
According to Investment News, the Financial Industry Regulatory Authority (FINRA) awarded three investors more than $470,000 in an arbitration award against UBS Group AG’s wealth management for over-concentration in Puerto Rico bonds. The three investors, who were seeking $570,000 in damages, alleged fraud and
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January 6, 2016
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Blog
Have you suffered losses investing in Puerto Rico COMWLTH PUB IMPT RFDG Bonds Series 2012 A G/O bonds? If so, the securities attorneys of The White Law Group may be able to help you recover your losses in a FINRA arbitration claim against the brokerage firm that recommended the investment. With the Puerto Rican
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September 2, 2015
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Blog, Securities Fraud
UBS ordered to pay $2.9 million in another FINRA arbitration claim. The financial Industry Regulator authority (FINRA) awarded Ana Teresa Lopes-Gonzales and Andres Ricardo Gomez $2.4 million in damages and about $480,000 for attorneys fees. According to Investment News, Gonzales and Gomez were part of a $10 million
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August 12, 2015
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Blog
The situation in Puerto Rico continues to deteriorate. Earlier this year, ratings agencies Moody’s Investors Service and Standard & Poor’s downgraded Puerto Rico’s general obligation (GO) bonds, already in “junk” territory, even farther (to Caa1 and B, respectively), citing concerns
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June 30, 2015
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Blog, Securities Fraud
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
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June 30, 2015
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Blog, Securities Fraud
**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
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June 29, 2015
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Blog, Securities Fraud
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
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