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Did Your Broker Sell You Uninsured Puerto Rico Bonds?

Summary

Puerto Rico Public Improvement Refunding Bonds, Series 2012 A, General Obligation Bond sales.

Broker/dealers were selling uninsured bonds instead of the insured alternatives causing devastating losses to investors.

Broker/dealers must be held responsible for the sale of uninsured bonds.

Soreide Law Group is investigating, and handling claims for investors, in the uninsured issues of the Puerto Rico Public Improvement Refunding Bonds, Series 2012 A, General Obligation Bond. 

Did your stock broker choose to sell you one of the uninsured bonds listed below versus selecting the insured bond for you as their client? It was highly inappropriate for a stock broker to choose the uninsured bonds over the insured bonds because the yield and maturities were the same, so there was no reason to not opt for the insurance. Also, there were six different sets of bonds that were available with insurance at or near the same time all proceeds used for generally the same purpose. 

The following is the Puerto Rico Public Improvement Refunding bonds, Series 2012 A, General Obligation Bond - total size of the issue was $2,318,190,000.   

74515LB89 mature 7/1/41

74514LB71 mature 7/1/39

74514LB63 mature 7/1/17

74514LC39 mature 7/1/33

74514LC21 mature 7/1/32

74514LB55 mature 7/1/31

74514LB97 mature 7/1/30

74514LB48 mature 7/1/29

74514LB30 mature 7/1/28

74514LB22 mature 7/1/27

74514LA98 mature 7/1/26

74514LC96 mature 7/1/26

74514LD38 mature 7/1/16

74514LA80 mature 7/1/25

74514LA72 mature 7/1/24

74514LC88 mature 7/1/24

74514LA64 mature 7/1/23

74514LC70 mature 7/1/23

74514LC62 mature 7/1/22

74514LA56 mature 7/1/22

74514LC54 mature 7/1/21

74514LA49 mature 7/1/21

74514LC47 mature 7/1/20

74514LA31 mature 7/1/20 

Since 2006, Puerto Rico has been in a recession. Puerto Rico went deeper into debt by borrowing from Wall Street hedge funds and other institutions, and individual investors to pay their expenses. In 2016, Puerto Rico ran out of money and stopped paying their debt. Due to $123 billion in debt and pension obligations Puerto Rico sought bankruptcy relief in federal court. Now, on top of the debt crisis, in 2017 Puerto Rico was hit with two hurricanes which completely devastated the island.

Soreide Law Group is handling claims for investors of the uninsured issues of the Puerto Rico Public Improvement Refunding Bonds, Series 2012 A, General Obligation Bond. If your broker/dealer sold you any of these uninsured bonds and you suffered financial losses, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552. 

Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.