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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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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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November 2, 2015
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Blog, Securities Fraud
Puerto Rico Electric Power Authority (PREPA) has signed its 12th extension to restructure $8.3 billion of debt. According to Yahoo Finance, “Investors holding about 35 percent of the Puerto Rico Electric Power Authority’s debt decided to delay until next week the expiration of a forbearance agreement that was
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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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November 5, 2014
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Blog, Securities Fraud
The Securities and Exchange Commission sanctioned 13 brokerage firms for improper sales of Puerto Rico junk bonds. The SEC found that several firms sold the junk bonds below minimum denomination requirements. Minimum denominations are the smallest amount of bonds that can be sold in a single transaction. Due to the
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