The experienced team of investor rights attorneys at Chapman LLC are closely monitoring the situation that is presently unfolding in Puerto Rico regarding debt obligations issued by the island. Puerto Rico has been experiencing financial problems for years and recently defaulted on some of its debt offerings while much more of the debt issued by Puerto Rico has suffered significant losses.
The economic crisis in Puerto Rico has left investors in the island’s debt offerings with potentially large losses. Many investors have exposure to Puerto Rican debt through either direct purchases of Puerto Rican municipal debt obligations or a host of closed-end bond funds that were loaded up on Puerto Rican debt. One of the largest participants in issuing Puerto Rican debt is UBS Financial Services.
The list of UBS Puerto Rico Bond Funds include the following:
- Puerto Rico AAA Portfolio Bond Fund I & II, Inc.
- Puerto Rico AAA Portfolio Target Maturity Fund, Inc.
- Puerto Rico GNMA & US Government Target Maturity Fund, Inc.
- Puerto Rico Mortgage-Backed & US Government Securities Fund, Inc.
- Puerto Rico Fixed Income Fund I-VI, Inc.
- Puerto Rico Investors Tax-Free Fund I-VI, Inc.
- Puerto Rico Investors Tax-Free Target Maturity Fund I & II, Inc.
- Puerto Rico Investors Bond Fund I
- Tax-Free Puerto Rico Fund I & II, Inc.
- Tax-Free Puerto Rico Target Maturity Fund, Inc.
If you experienced losses to your investments in Puerto Rican municipal debt obligations or bond funds containing Puerto Rican municipal bonds that your broker recommended, you have rights and may be entitled to a recovery by filing claims in FINRA Arbitration. The brokerage firm has a team of attorneys on its side and so should you. If you would like a free, no obligation, initial consultation regarding your potential claims against your broker or brokerage firm, please call our office today at 877-410-8172 to speak with an investor rights attorney experienced in representing investors in FINRA arbitration proceedings.
On Sunday, May 1, 2016, Puerto Rico Governor Alejandro Garcia Padilla announced the island would not meet its obligation on May 2, to pay $389 million in interest payments due to bondholders of the island’s Government Development Bank. The Government Development Bank is an entity that acts as the island’s primary fiscal agent and lender […]
Chapman, LLC, the investor rights law firm, is prosecuting multiple FINRA arbitration claims against RBC Capital Markets LLC (“RBC”) to recover Puerto Rican bond losses suffered by RBC customers. The investors claim that they were encouraged to invest by broker Robert Dennison, who was then based based in RBC’s West Palm Beach office. “Our clients […]
On December 30, 2015, Puerto Rican officials confirmed that the island nation will not be able to make two out of the 13 total payments due to bondholders on January 4, 2016. The latest debt set for default is a $35.9 million payment on the Puerto Rico Infrastructure Financial Authority and a $1.4 million payment […]
The Financial Industry Regulatory Authority (FINRA) recently ordered more fines against firms selling Puerto Rico bonds. FINRA alleges that these brokerage firms failed to properly supervise employees trading bonds in Puerto Rico and downplayed the risks associated with the bonds. FINRA fined Santander Securities LLC $2 million for its involvement in the sale of Puerto […]
The securities license of former UBS-Puerto Rico financial advisor José Ramirez ( sometimes known by the nickname the “Whopper”) has been lit up by dozens of customers complaints arising from his sales of Puerto Rico municipal bonds and from his alleged recommendations that customers use “leverage” (borrowed money) to invest in Puerto Rico debt. Now […]
By now most people are aware of the fact that UBS offered several closed-end bond funds to citizens of Puerto Rico which were loaded up on Puerto Rican debt – most, if not all, of which was underwritten by UBS. What many investors may not realize however is that several mainland United States based mutual […]
According to various media accounts of the Puerto Rican Bond Crisis, the island nation owes nearly $70 billion to its creditors, including bond holders. While UBS Financial Services has borne the brunt of the scrutiny regarding its role in underwriting, packaging and selling Puerto Rican debt to its customers, both on and off the island, […]
Puerto Rico’s government is floating a new plan to re-structure most of its $72 billion in bond debt. The commonwealth proposes to make a number of economic changes under the watchful eyes of an independent financial control board. It is not bad news, in general, that the miserable state of affairs in Puerto Rico may […]
If you invested in Puerto Rico bond funds, call the investor advocate firm of Chapman, LLC today! You’ll talk with a knowledgeable experienced attorney, we’ll investigate to determine whether or not you have a case, and it will not cost you anything unless and until we succeed in putting money back in your pocket. Do […]
It has not been a good summer for the long-suffering owners of Puerto Rican municipal bonds and there’s no cause for hope that the situation will improve soon, if ever. If you bought Puerto Rico municipal bonds, you should call the investor rights advocates at Chapman, LLC and talk to a knowledgeable attorney, free-of-charge-, today. […]
If have lost money in Puerto Rican bonds, we may be able to help you recover your losses. Contact Chapman LLC today at 1-877-410-8172 for a free no-obligation consultation Puerto Rico recently defaulted on its Public Finance Corporation Bonds after only paying $628,000 of the $58 million due to its creditors. Given the tiny payout, “Moody’s […]
Many folks stateside may not pay much attention as to what goes on with our neighbors who live in our unincorporated territory to the south (yes, I admit that I had to Google “Puerto Rico” to determine its exact legal status) but if they hold any investments in municipal bond funds, perhaps they should start […]
Read more on the PR Bond fraud case and Jose Ramirez on The National Law Review here.
Our office is currently investigating claims on behalf of investors who have purchased UBS Puerto Rico Bond Funds. Several UBS bond funds that hold Puerto Rican debt have experienced severe losses of late. The investigated funds include the following UBS Puerto Rico Bond Funds: Puerto Rico AAA Portfolio Bond Fund, Inc. Puerto Rico AAA Portfolio […]