Puerto Rico Government Development Bank Will Not Enter Agreement with Bondholders

San Juan, P.R. – The Government Development bank for Puerto Rico (“GDB”) today announced that informal discussions with certain holders of its bond indebtedness (the “Ad Hoc Group”) and their advisors regarding a potential financing and liability management transaction related to some of GDB’s bond indebtedness have ended as they did not result in a

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Santander Fined 6.4 Million for Puerto Rico Bond Sales

Wall Street’s self-regulator ordered a unit of Spanish bank Banco Santander SA to pay roughly $6.4 million in restitution to investors who were solicited to buy Puerto Rican municipal securities even as the island’s financial crisis deepened. The Financial Industry Regulatory Authority ordered Santander Securities LLC to pay $4.3 million to certain customers solicited to

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SEC charges Jose ‚ÄúWhopper‚ÄĚ Ramirez, Jr. and Ramiro Colon in Connection with UBS Puerto Rico Closed End Funds

The Securities and Exchange Commission today charged UBS Financial Services Inc. of Puerto Rico and a former branch manager for failing to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from a UBSPR affiliated bank. UBSPR and the bank prohibited using such loans to purchase securities and

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Moody’s Downgrades Effect over 61 Billion in Puerto Rico Debt

Yesterday Moody’s Investors Services reported that it downgraded the Commonwealth of Puerto Rico debt to B2 from Ba2, affecting $14.4 billion of outstanding general obligation (GO) bonds. At the same time, it downgraded the struggling Island‚Äôs agencies and public corporations. According to Moody‚Äôs, this affects approximately $46 billion of non-GO bonds, including $15.6 billion of

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PUERTO RICO DEBT DOWNGRADED TO JUNK STATUS BY S&P

By¬†Melanie Cherdack¬†of¬†Melanie S. Cherdack¬†posted in¬†Puerto Rico Bonds¬†on Wednesday, February 5, 2014. PUERTO RICO DEBT DOWNGRADED TO JUNK STATUS BY S&P ¬† ¬† February 5, 2014 ¬† Late yesterday, Standard & Poor’s rating service downgraded the debt of Puerto Rico to junk status, magnifying the dire position of the commonwealth, which is in need of cash

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2014 Puerto Rico Bond Investors: More Bad News

In the Fall of 2013, many investors in Puerto Rico Bonds and Puerto Rico Bond Funds learned that what they thought were “safe” investments were actually just one grade above junk bond status. On Wednesday January 15, as reported by¬†Reuters,¬†Puerto Rico bond prices dropped sharply after Puerto Rico’s highest court temporarily blocked the rollout of

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UBS PUERTO RICO CLOSED END FUND REPURCHASE OFFER

By Melanie Cherdack of Melanie S. Cherdack on Wednesday, January 1, 2014. ON DECEMBER 20, 2013, UBS Announced the UBS PUERTO RICO FUNDS SHARE REPURCHASE OFFER. This offer sets out the prices for the UBS PUERTO RICO CLOSED END FUND SHARE BUY BACK. IF YOU HAVE LOST MONEY AS A RESULT OF YOUR INVESTMENT IN THESE FUNDS, OUR EXPERIENCED

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FINRA Files Action Against Success Trade, Just2Trade, Faud Ahmad

By¬†Melanie Cherdack¬†of¬†Melanie S. Cherdack¬†on Friday, April 26, 2013.   The Financial Industry Regulatory Authority (FINRA) announced that it has filed a Temporary Cease-and-Desist Order (TCDO) to halt further fraudulent activities by Washington, D.C.-based Success Trade Securities, Inc. and its CEO & President, Fuad Ahmed, as well as the misuse of investors’ funds and assets. FINRA

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PRIVATE EQUITY FIRMS INVESTIGATED FOR TAX STRATEGY

By¬†Melanie Cherdack¬†of¬†Melanie S. Cherdack¬†on Sunday, September 2, 2012. The New York Times Saturday, September 1, 2012 — 6:06 PM EDT Financial Firms Face Subpoenas on Tax Strategy The New York attorney general is investigating whether some of the nation’s biggest private equity firms have abused a tax strategy in order to slice hundreds of millions

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