We have filed several FINRA arbitrations on behalf of Wells Fargo brokerage account customers to recover losses suffered in Puerto Rican bonds. These customers were elderly or retired with conservative and low risk investment objectives who sought to preserve principal while earning income.
During 2011 through 2014, these brokerage customers were sold Puerto Rican bonds by their Wells Fargo financial advisor who assured them at the time that these bonds were highly-rated and safe. In truth, Puerto Rico has been in recession since 2006, and had a deteriorating economy. Puerto Rican bonds had enormous credit risk which only grew worse, and which were downgraded numerous times. Wells Fargo financial advisors failed to warn these customers or get them out of Puerto Rican bonds before they became high risk and unsuitable investments.
If you are or were a Wells Fargo brokerage customer who has a loss in Puerto Rican bonds, you may wish to contact us about your right to bring a FINRA arbitration to recover your losses. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at firstname.lastname@example.org.