Puerto Rico Securities Litigation and Arbitration Attorneys
Gana LLP represents individuals and institutions in securities litigations in the commonwealth of Puerto Rico in arbitration before the Financial Industry Regulatory Authority (FINRA). When clients first retain us, many of them have suffered substantial financial losses in their portfolios. Many clients have difficulty understanding where their funds have gone, how their broker allowed such losses to occur in the first place, and what their investments are currently worth.
Investors in Puerto Rico are protected by legislative laws and statutes together with industry rules that prohibit brokers from engaging in fraud, unsuitable sales, churning, unauthorized trading, failure to supervise, breach of fiduciary duty, or negligence. Below are useful links and resources covering some of the investor protections available in the commonwealth of Puerto Rico.
- Commissioner of Financial Institutions of Puerto Rico (OCIF) regulates, supervises, and oversee Puerto Rico’s financial system to ensure safety, soundness, and global competitiveness.
- Departmento de Asuntos Del Consumidor (Puerto Rico Consumer Protection) provides resources to consumers and investigates complaints.
- The Uniform Securities Act of Puerto Rico – Regulation No. 6078 contains Puerto Rico’s securities anti-fraud statute.
- FINRA oversees and regulates all broker-dealers in the United States. FINRA, in conjunction with the Securities and Exchange Commission (SEC) also creates and enforces the securities laws.
Gana LLP is now investigating claims against major Puerto Rico brokerage firms including UBS Puerto Rico, Popular Securities, Inc., and Santander Securities, Corp. concerning misleading sales practices of their proprietary fixed income funds. Customers have come forward claiming that their advisors falsely promoted Puerto Rico bond funds as investments designed for capital preservation, stability, and providing current income. Investors have also claimed that their advisors recommended placing the majority of their assets, sometimes on margin or credit, into the Puerto Rico bond funds placing their entire retirement savings at risk.
UBS Puerto Rico bond funds include:
- Tax-Free Puerto Rico Fund I-II,
- Tax-Free Puerto Rico Target Maturity Fund,
- Puerto Rico AAA Portfolio Target Maturity Fund,
- Puerto Rico AAA Portfolio Bond Fund I-II,
- Puerto Rico GNMA & U.S. Government Target Maturity Fund,
- Puerto Rico Mortgage-Backed & U.S. Government Securities Fund,
- Puerto Rico Fixed Income Fund I-VI,
- Puerto Rico Investors Tax-Free Fund I-VI,
- Puerto Rico Tax-Free Target Maturity Fund I-II,
- Puerto Rico Investors Bond Fund.
Popular Securities bond funds include:
- Puerto Rico Investors Tax-Free Funds,
- Puerto Rico Tax Free Target Maturity Fund,
- Puerto Rico Investors Flexible Allocation Fund – Income Portfolio,
- Popular Income Plus Fund,
- Popular High Grade Fixed-Income Fund.
Santander Securities funds include:
- First Puerto Rico Tax-Exempt Fund I-VII,
- First Puerto Rico Tax-Advantaged Target Maturity Fund I-II,
- First Puerto Rico AAA Target Maturity Fund I-II,
- First Puerto Rico Target Maturity Income Opportunities Fund I-II,
- First Puerto Rico AAA Fixed-Income Fund,
- First Puerto Rico Intermediate Fixed-Income Fund.
Unfortunately, state securities regulators rarely reimburse investors as a result of an enforcement action. For investors to be compensated their best chance is to hire an experienced securities attorney to pursue their claim. The attorneys of Gana LLP can help clients determine if investment losses were the result of normal market forces or misconduct by Wall Street. We apply a detailed and forensic approach to understanding your investment activity to explain those losses and apply the appropriate law to advance your claims.
To learn more about potential claims and securities topics please visit our Securities Arbitration & Litigation page. Gana LLP represents investors in all major Puerto Rico cities including San Juan, Carolina, Ponce, Bayamón, Caguas, Guaynabo, Mayagüez, Trujillo Alto, Arecibo, and Fajardo. Our consultations are free of charge and the firm is only compensated if you recover.