Recover Puerto Rico Bond Fund Losses

Puerto Rico Investors May Recover
Puerto Rico Bond Losses Through
FINRA Arbitration

Our law firms are pursuing securities arbitration claims in the arbitration forum established by the Financial Industry Regulatory Authority (“FINRA”) to recover investor losses sustained in non-traded, closed-end Puerto Rico bond funds and Puerto Rico municipal bonds, underwritten and sold through syndication and selling agreements. Puerto Rico investors were advised by various brokerage firms, including UBS Financial Services of Puerto Rico, Santander Securities, Popular Securities, Oriental Financial and Merrill Lynch (“brokerage firms”) to invest in non-traded, closed-end Puerto Rico bond funds and Puerto Rico municipal bonds, resulting in substantial losses.

Puerto Rico investors with losses in non-traded, closed-end Puerto Rico bond funds and Puerto Rico municipal bonds recommended by brokerage firms and its financial advisors may recover their losses through the FINRA dispute resolution process. For any sales and marketing efforts, brokerage firms and its financial advisors are obligated to avoid any misrepresentations or omissions of materials facts concerning investment recommendations. Brokerage firms as a lead underwriter or syndication member for non-traded, closed-end Puerto Rico bond funds and Puerto Rico municipal bonds is required to give balanced, accurate information to avoid providing unsuitable investment advice. Brokerage firms are required to supervise its financial advisors. Puerto Rico investor losses that are the result of concentrated investments in Puerto Rico Bonds may be attributed to a brokerage firm’s failure to supervise its financial advisor.

Brokerage firms as a lead underwriter or syndication member are also required to conduct adequate due diligence to determine the accuracy of information provided by the Prospectus and Offering documents, including the risks associated with leverage and the ability of fund managers to manage and hedge the closed-end fund portfolio risks. Brokerage firms failed to disclose excessive markups and markdowns charged for the management of the proprietary closed-end funds which were the result of conflicts of interest between brokerage firms, third-parties and Puerto Rico customers. Concerning losses in customer accounts, below is information concerning Puerto Rico Bond Funds sold to Puerto Rico Investors:

Puerto Rico Bond Funds managed by Santander Asset Manager as of April 15, 2015 (Net Asset Value):

  • First Puerto Rico Tax-Exempt Fund (Class A)
  • First Puerto Rico Tax-Exempt Fund II
  • First Puerto Rico Tax-Exempt Target Maturity Fund II (Tarsan II) ($6.17)
  • First Puerto Rico Tax-Exempt Target Maturity Fund III (Tarsan III) (4.96)
  • First Puerto Rico Tax-Exempt Target Maturity Fund IV (Tarsan IV) ($5.20)
  • First Puerto Rico Tax-Exempt Target Maturity Fund V (Tarsan V) ($3.68)
  • First Puerto Rico Tax-Exempt Target Maturity Fund VII (Tarsan VII) ($6.03)
  • First Puerto Rico Tax-Advantaged Target Maturity Fund I (Tarsan Plus) ($8.69)
  • First Puerto Rico Tax-Advantaged Target Maturity Fund II (Tarsan Plus II) ($8.09)
  • First Puerto Rico AAA Target Maturity Fund I (Tarsan AAA) ($9.46)
  • First Puerto Rico AAA Target Maturity Fund II (Tarsan AAA II) ($9.28)
  • First Puerto Rico Target Maturity Income Opportunities Fund I (Tarsan Income) ($4.71)
  • First Puerto Rico Target Maturity Income Opportunities Fund II (Tarsan Income II) ($4.98)

Puerto Rico Bond Funds managed by UBS Asset Managers as of July 29, 2015:

  • Puerto Rico Fixed Income Fund, Inc. ($2.135)
  • Puerto Rico Fixed Income Fund II, Inc. ($2.591)
  • Puerto Rico Fixed Income Fund III, Inc. ($2.692)
  • Puerto Rico Fixed Income Fund IV, Inc. ($3.464)
  • Puerto Rico Fixed Income Fund V, Inc. ($2.822)
  • Puerto Rico Fixed Income Fund VI, Inc. ($2.869)
  • Tax Free Puerto Rico Fund, Inc. ($3.767)
  • Tax Free Puerto Rico Fund II, Inc. ($2.474)

Puerto Rico Bond Funds managed co-managed by UBS Asset Managers and Popular Asset Management as of July 29, 2015:

  • Puerto Rico Investors Tax-Free Fund, Inc. ($2.80)
  • Puerto Rico Investors Tax-Free Fund II, Inc. ($2.75)
  • Puerto Rico Investors Tax-Free Fund III, Inc. ($3.11)
  • Puerto Rico Investors Tax-Free Fund IV, Inc. ($2.44)
  • Puerto Rico Investors Tax-Free Fund V, Inc. ($3.10)
  • Puerto Rico Investors Tax-Free Fund VI, Inc. ($3.51)
  • Puerto Rico Investors Bond Fund I, Inc. ($3.46)

Klayman & Toskes, PA and the Carlo Law Offices are dedicated to the rights of Puerto Rico investors. Our legal team can help you determine what steps can be taken to protect your investor rights. Puerto Rico investors who suffered losses as a result of FINRA sales practice violations concerning Puerto Rico bond funds and Puerto Rico municipal bonds may be able recover their losses in a FINRA arbitration claim for damages.

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Visit our Website for the Recovery of UBS Puerto Rico Bond Fund Losses

sueubspuertorico.com

For more information on how to start a claim, or to find out if you have a meritorious cause of action, please contact our law firm, toll free, at (787) 268-6444, for a free consultation.

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Phone: (787) 268-6444
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