Silver Law Group is pursuing securities arbitration claims for the sale of leveraged closed-end bond funds by brokerage firms such as UBS Financial Services, Inc. of Puerto Rico, Popular Securities, LLC, Santander Securities, LLC, Oriental Financial Services Corp., and Merrill Lynch. The investigation involves the sales practices of these brokerage firms concerning the failure to comply with FINRA rules and regulations in terms of the recommendation to buy and/or hold the leveraged closed-end bond funds which may result in a legal cause of action filed in a FINRA arbitration claim.
It has been estimated that investors in the closed-end funds sold by UBS Financial Services, Inc. of Puerto Rico lost $1.66 billion during the first nine months of 2013. Though UBS maintained the majority of market share, Silver Law Group also represents investors that maintained accounts at Popular, Santander, Oriental, BBVA and Merrill Lynch. The Puerto Rico government is allegedly defaulting on a $422 million debt payment due on May 2, 2015, and indicating it will default on the $2 billion payment due on July 1, 2016. As a result, the prices of the leveraged closed-end bond funds may continue to drop in value and investors may suffer additional losses.
If you invested in closed-end funds or believe you were sold other unsuitable investments related and/or tied to Puerto Rico, you may be entitled to recover some of your investment losses. Please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345 to speak to an attorney to find out how we may be able to help you recover some of your investment losses.