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Articles Posted in Municipal Bonds

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NEXT Financial Group Reaches $750K Settlement Over Allegedly Unsuitable Short-Term Trading of Puerto Rico Bonds and Class A Mutual Funds

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…

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Municipalities’ Inability to Pay Bond Interest Places Investors in a Precarious Position

Seeking Greater Yield and Safety, Muni Bond Customers Encounter Defaults  Despite the fact that the coronavirus has taken a toll on city and state finances, this isn’t stopping investors from buying municipal debt in a bid for greater yield and more safety than the markets can provide at this time.…

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Ex-Next Financial Broker Charles Doraine is Barred Following Puerto Rico Bond Fraud Allegations

Doraine Refused To Cooperate In FINRA’s Investigation  The Financial Industry Regulatory Authority (FINRA) has barred former Next Financial broker, Charles Doraine after he refused to give testimony in the self-regulatory organization’s (SRO’s) probe into allegations that he unsuitably recommended Puerto Rico bonds to customers.  Already, Doraine has been the subject…

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Frontier Communications Bonds Purchased From FMSBonds May Have Grounds for FINRA Arbitration Claim

FMSBonds May Not Have Apprised Frontier Communications Investors Of The Risks  If you purchased Frontier Communications bonds from FMSBonds, also known as First Miami Securities, or any other bonds that have turned out riskier than what was represented to you, please contact our broker fraud lawyers at Shepherd Smith Edwards…

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Hong Kong Fines UBS Group $51M For Overcharging Clients

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…

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Ex-UBS Puerto Rico Broker is Sentenced to Prison

Jose G. Ramirez-Arone Jr., who formerly worked as a broker for UBS Financial Services of Puerto Rico (UBS-PR), has been sentenced to a year and a day in prison for defrauding investors. Ramirez-Arone, also called Jose Ramirez and known by many on the island of Puerto Rico as “The Whopper,”…

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Philadelphia Sues Citigroup, Goldman Sachs, Bank of America and Other Big Banks, Alleges Municipal Bond Rigging

The city of Philadelphia, Pennsylvania is suing Bank of America (BAC), Goldman Sachs (GS), Citigroup (C), Wells Fargo & Co. (WFC), Barclays Plc (BAR), JPMorgan Chase & Co. (JPM), and Royal Bank of Canada (RBC) for allegedly rigging rates for variable-rate demand obligations (VRDOs). Philadelphia had issued over $1.6B of…

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U.S. First Court of Appeals Reverses Lower Court and Rules that Puerto Rico Bondholders Have a Valid Claim on Pension Fund Assets

The First Circuit Court of Appeals has reversed a district court ruling from the lower court over whether bondholders of nearly $3 billion of debt issued by Puerto Rico’s Employees Retirement System (ERS) have a claim on the pension fund’s assets. The pension fund is designated for the island’s public…

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Ex-UBS Puerto Rico Broker Jose “Whopper” Ramirez Pleads Guilty to Bank Fraud

Jose G. Ramirez-Arone Jr. (also known as Jose G. Ramirez, Jr.), a former UBS Financial Services of Puerto Rico (UBS-PR) broker, has pleaded guilty to criminal charges accusing him of defrauding investors while making over $1 million in improper commissions through the sale of Puerto Rico closed-end funds. Ramirez-Arone is…

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Santander Securities Will Shut Down Its San Juan, Puerto Rico Branch in May

Santander Securities LLC has notified its Puerto Rico clients by letter that its San Juan branch will shutter its doors to the public on May 25. Santander Securities (SAN) is Banco Santander’s investment division. The move is part of the investment wing’s plan to move to a service-only model rather…

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