The law firm of Colling Gilbert Wright & Carter announced this week that William Young, firm partner and member of the Million Dollar Advocates Forum, has been granted courtesy admission by the Puerto Rico Supreme Court for the purpose of assisting citizens of Puerto Rico with securities-related disputes in arbitration before the Financial Industry Regulatory Authority (FINRA).
A significant number of Puerto Rican citizens have lost their life savings investing in closed-end municipal bond funds recommended by their financial advisors. Many of these investors were sold concentrated positions in these proprietary funds with the assurances they were very safe and guaranteed by the Puerto Rican government. However, the island has been in the midst of a prolonged recession and the government recently declared it is unable to service its debt. As a result, many of the bond funds have collapsed.
"It's very sad" Young said. "It is an honor working with my clients and FINRA in an effort to right this situation and help investors recoup their losses."
FINRA offers arbitration as an alternative to litigation for parties pursuing disputes related to securities. A panel consisting of one to three arbitrators hears arguments and reviews evidence from both parties before rendering a decision that specifies which party (if any) is eligible for damages, the amount and more. FINRA arbitration proceedings are largely confidential.
According to the Million Dollar Advocates Forum website, membership is "limited to attorneys who have won million and multi-million dollar verdicts and settlements" on behalf of their clients. Less than one percent of attorneys in the United States are members of the Million Dollar Advocates Forum.
About Colling Gilbert Wright & Carter
Founded in 2005, Colling Gilbert Wright & Carter is a full-service law firm accepting personal injury claims in Orlando and all of Florida. Attorneys at the firm also act on behalf of clients who have incurred financial loss as a result of securities fraud and stockbroker misconduct. For more information, visit www.thefloridafirm.com and www.stockmarketfraud.com.