{"id":1328,"date":"2013-10-14T14:07:45","date_gmt":"2013-10-14T14:07:45","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/10\/massachusetts_regulator_makes"},"modified":"2022-03-10T16:38:47","modified_gmt":"2022-03-10T22:38:47","slug":"massachusetts-regulator-makes","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-makes\/","title":{"rendered":"Massachusetts Regulator Makes Puerto Rican Municipal Debt-Related Inquiries to UBS, FIdelity, and Oppenheimer"},"content":{"rendered":"

\t\t\t\tThe Massachusetts Securities Division has written inquiry letters to UBS Financial Services (UBS)<\/a>, Massachusetts Mutual Life Insurance Co.’s Oppenheimer Funds, and Fidelity’s FMR Co. Inc. about the sales of Puerto Rican municipal debt obligations<\/a> that were made investors in the state. <\/p>\n

The regulator wants to know exactly to what extent these customers were exposed to the bonds’ risks, whether they were adequately warned of the risks involved, and if the bonds were correctly priced. The debt obligations were usually sold via mutual funds.<\/p>\n

The bond funds at issue are heavily invested in Puerto Rican-backed municipal bonds and many were very highly leveraged. Due to tax and benefits and favorable yields, a lot of state-specific municipal bond funds in Massachusetts, and other states, are heavily concentrated in Puerto Rican debt. For example, close to 17% of the Oppenheimer Rochester Massachusetts Municipal Fund’s assets ($69M) are in Puerto Rico debt. These bonds are often low rated (BBB or lower) and carry significant risks.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Massachusetts Securities Division has written inquiry letters to UBS Financial Services (UBS), Massachusetts Mutual Life Insurance Co.’s Oppenheimer Funds, and Fidelity’s FMR Co. Inc. about the sales of Puerto Rican municipal debt obligations that were made investors in the state. The regulator wants to know exactly to what extent these customers were exposed to […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922,4039],"tags":[],"class_list":["post-1328","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds","category-puerto-rico-bond-funds"],"yoast_head":"\nMassachusetts Regulator Makes Puerto Rican Municipal Debt-Related Inquiries to UBS, FIdelity, and Oppenheimer — Investor Lawyers Blog — October 14, 2013<\/title>\n<meta name=\"description\" content=\"The Massachusetts Securities Division has written inquiry letters to UBS Financial Services (UBS), Massachusetts Mutual Life Insurance Co.'s Oppenheimer — October 14, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/massachusetts-regulator-makes\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Massachusetts Regulator Makes Puerto Rican Municipal Debt-Related Inquiries to UBS, FIdelity, and Oppenheimer — Investor Lawyers Blog — October 14, 2013\" \/>\n<meta name=\"twitter:description\" content=\"The Massachusetts Securities Division has written inquiry letters to UBS Financial Services (UBS), Massachusetts Mutual Life Insurance Co.'s Oppenheimer — October 14, 2013\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards & Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Massachusetts Regulator Makes Puerto Rican Municipal Debt-Related 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