On June 26th, 2014, Soreide Law Group filed a claim with the Financial Industry Regulatory Authority, "FINRA," on behalf of an Orlando resident who was sold a portfolio consisting almost entirely of Puerto Rican municipal bonds. The portfolio was mostly comprised of the Puerto Rico Fixed Income Fund III, Puerto Rico INVS Tax Free FD and Tax Free Puerto Rico FD II.
ORIENTAL FINANCIAL allegedly recommended these investments into Puerto Rican municipal debt in 2012 to the Claimant/Customer when the Puerto Rican economy was in turmoil and nearly insolvent. Several of the closed end Puerto Rican funds employed a high degree of leverage but were allegedly presented as safe and conservative investments. Soreide Law Group alleges on behalf of their client that Oriental Financial Services failed to build a well managed diversified portfolio and over concentrated their customer's portfolio into investments all bearing the same credit risk to the failing Puerto Rican municipal bond market.
If you purchased Puerto Rican bonds or bond funds through Oriental Financial Services please contact Soreide Law Group for a free consultation. Soreide Law Group is representing investors both in the United States and in Puerto Rico against Oriental Financial Services through the FINRA forum. Please call (888) 760-6552 or visit http://www.SecuritiesLawyer.com for a FREE Consultation. No Fee if No Recovery.
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.