The SEC Fines Thirteen Brokerage Firms over Puerto Rican Bond Sales

November 11, 2014

Posted in: Bond Fund Fraud

The Securities & Exchange Commission (SEC) Fines Thirteen Brokerage Firms over Sales of Puerto Rican Bonds. The firms fined include Charles Schwab, JPMorgan Securities and TD Ameritrade, accusing them of failing to protect retail investors in sales of high-risk bonds issued by Puerto Rico’s debt-strapped government. Many observers believe this PR bond and close-end bond fund scandals are just getting warmed up. The full article may be found here.

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Awards & Settlements

$5,500,000.00

Recovery for losses related to research provided by an investment banking firm.

4,300,000.00

Recovery for losses related to Puerto Rico Bonds and Closed-End Bond Funds.

$3,300,000.00

Recovery for losses related to the recommendation and sale of Non-Conforming Investments (REITs and BDCs) by a National Independent Broker/Dealer

$1,700,000.00

Recovery for losses sustained by client of an RIA.

$1,429,000.00

Recovery for losses related to a Future Income Payment LLC (FIP) program

$1,200,000.00

Recovery for losses related to alternative investments (REITs, Direct Private Placements and Promissory Notes) sold by a regional Broker Dealer.

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