{"id":3683,"date":"2016-05-09T00:00:00","date_gmt":"2016-05-09T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/05\/ny_city_council_speaker_wants"},"modified":"2022-03-25T09:29:07","modified_gmt":"2022-03-25T14:29:07","slug":"ny-city-council-speaker-wants","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ny-city-council-speaker-wants\/","title":{"rendered":"NY City Council Speaker Wants SEC to Investigate Oppenheimer Funds Over Puerto Rico Debt Crisis"},"content":{"rendered":"

According to InvestmentNews<\/em>, New York City Council Speaker Melissa Mark-Viverito is asking the U.S. Securities and Exchange Commission (\u201cSEC\u201d) to conduct a probe into OppenheimerFunds, Inc. (\u201cOPY\u201d) <\/a>and its impact on Puerto Rico\u2019s financial woes. Speaker Mark-Viverito believes that the asset-management company played a part in making Puerto Rico\u2019s financial crisis worse by investing even more in the island\u2019s debt. She claims that just in the last eight months, OppenheimerFunds has added $500 million to investments it made in Puerto Rican debt.<\/p>\n

Right now, the U.S. territory owes over $70 billion in debt, which it is struggling to pay. It recently defaulted on over $370 million of a bond payment that was due this month. Another $2 billion is due in July, including around $700 million in general obligation debt.<\/p>\n

To satisfy investor redemptions, OppenheimerFunds has sold its non-Puerto Rico bonds, which would have raised the current allocation of the asset manager\u2019s funds to the Commonwealth. In a letter to the SEC, Mark-Viverito, who was born in Puerto Rico, urged the agency to look into whether Oppenheimer has complied with all regulations and securities laws when handling its Puerto Rican bond investments. She believes banks, hedge funds, and other investors in the territory\u2019s general-obligation bonds and utility debt are to blame for the island\u2019s financial woes.<\/p>\n

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

According to InvestmentNews, New York City Council Speaker Melissa Mark-Viverito is asking the U.S. Securities and Exchange Commission (\u201cSEC\u201d) to conduct a probe into OppenheimerFunds, Inc. (\u201cOPY\u201d) and its impact on Puerto Rico\u2019s financial woes. Speaker Mark-Viverito believes that the asset-management company played a part in making Puerto Rico\u2019s financial crisis worse by investing even […]<\/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":[3752,3922,3786,4039,3801,3760],"tags":[],"class_list":["post-3683","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-municipal-bonds","category-oppenheimer","category-puerto-rico-bond-funds","category-sec","category-sec-enforcement"],"yoast_head":"\nNY City Council Speaker Wants SEC to Investigate Oppenheimer Funds Over Puerto Rico Debt Crisis — Investor Lawyers Blog — May 9, 2016<\/title>\n<meta name=\"description\" content=\"According to InvestmentNews, New York City Council Speaker Melissa Mark-Viverito is asking the U.S. Securities and Exchange 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