Skip to Content

Broken bonds: The role Wall Street played in wiping out Puerto Ricans’ savings – CNBC

December 18, 2017 In The News

In a recent investigation into the plummeting of bond funds largely made up of Puerto Rico government bonds, CNBC revealed that broker-dealers on the Island, such as UBS, Santander Securities, Popular Securities, and Merrill Lynch, were less than “forthcoming about the extent of the risks of those bond funds” to “both its clients and brokers….”  Residents of Puerto Rico were told their money would be safe and that they would receive higher, tax exempt interest payments.  Even as the bond funds began to rapidly decline in value investors were told not to sell resulting in losses between 50 and 80 percent of their retirement savings.

Click here to view the full article on CNBC

Tell Us About
Your Losses

Categories

Jake's Blog

Client Reviews

“Jake Zamasky and his colleagues represented me in a FINRA arbitration case against a large multinational bank and succeeded in obtaining an award for the full amount of my investment losses. I would highly recommend the Zamansky firm for their experience in securities litigation, their level of detailed research and case preparation, and their ability to effectively fight for what’s right.”

Richard R.

“Throughout my entire case, Jake Zamansky was incredibly responsive and spent time walking me through each step of the process. He is professional and worked with my challenging schedule, even meeting with me nights and on weekends. He knew exactly which turn to take when it came to my case and yet was respectful of any decisions I wanted to make resulting in a positive outcome.”

Donald A.

“Jake Zamansky and his firm represented me in a FINRA arbitration case to recover investment losses. Jake and his team were very professional and worked very hard preparing for trial and then reaching a substantial settlement of our case. I would highly recommend them.”

William E.

“Jake Zamansky represented me in a FINRA arbitration case which allowed me to recover a substantial portion of investment losses. He is truly an expert in this space and I would highly recommend him to those investors who may have been been a victim of investment fraud.”

Chris K.

“Jake and his team did a great job communicating with me throughout the process of my lawsuit. I would recommend him to anyone looking to sue UBS for unethical practices.”

Mike A.
View More
Tell Us About Your Losses Get Started