Texas-Based Brokerage Firm Accused of Overconcentration & Supervisory Failures NEXT Financial Group has arrived at a $750K settlement with the Financial Industry Regulatory Authority (FINRA) to resolve claims that the Texas-based broker-dealer overconcentrated customer accounts in Puerto Rico municipal bonds and did not have the kind of supervisory system that…
UBS Loses Another Puerto Rico Bonds & Closed-End Fund Case More than six years after thousands of investors lost many millions of dollars from investing in Puerto Rico bonds and closed-end bond funds, UBS Puerto Rico (UBS-PR) is still being held to account for the financial losses faced by many…
UBS Group Fined $51M By Hong Kong Securities Regulator The Hong Kong Securities and Futures Commission (SFC) is ordering UBS Group AG (UBS) to pay a $51M fine for overcharging clients between 2008 and 2017. It is also ordering the Swiss banking giant to pay more than $25M in compensation…
Four years after Puerto Rico brought to market what became its biggest and final issuance of junk bonds, a 600-page report by disputes and investigative international law firm Kobre & Kim suggests that Banco Popular de Puerto Rico (BPPR) could potentially be held liable for losses related to the issuance.…
Assured Guaranty has filed a lawsuit against Puerto Rico for the second time. The bond insurance company, which insures about $5 billion of Puerto Rico bonds, wants a federal court to decide that the U.S. territory’s latest fiscal plan to revive it from financial bankruptcy “invalid.” Also named a defendant…
The Federal Deposit Insurance Corp. announced that The Office of the Commissioner of Financial Institutions of Puerto Rico has shut down Doral Bank in San Juan. The FDIC is now the bank’s receiver. Many investors have lost money through the Puerto Rico Conservation Trust Fund. Banco Popular de Puerto Rico…