closed end funds - Page 4 of 5 - Law Offices of Robert Wayne Pearce

46 search results found for “closed end funds”

Nov 14, 2014

The Pearce Law Firm Investigation Summary of the Tri-Med Ponzi Scheme

In the last month, the Law Offices of Robert Wayne Pearce has gathered clients and facts from the Pinellas County Circuit Court files relating to the Tri-Med Ponzi Scheme. It appears that the Tri-Med Lawsuit Defendants and others, including sales agents who worked outside the Tri-Med organization as stockbrokers, investment advisors, accountants have schemed or unwittingly assisted and profited from the scheme to offer and sell at least $13 million in unregistered securities in the form of “notes,” “evidence of indebtedness” and “investment contracts” in violation of the registration and anti-fraud provisions of Chapter 517, Florida Statutes. The perpetrators of the scheme made false claims and purported above market rates of return to lure investors, including the Plaintiffs, into making purported investments in medical practice related account receivables securitized by so-called letters of protection (“Letters of Protection”). Only a small portion of the at least $13 million raised from investors has been used to purchase medical practice accounts receivable. Instead, the Tri-Med Lawsuit Defendants used the majority of the funds to pay off earlier investors, pay for other items not disclosed to investors, or to disburse among themselves.

May 16, 2014

UBS Puerto Rico Investor Claims Stockbroker Lost Her Inheritance

The claimant is a 43 year old married housewife raising two children in San Juan, Puerto Rico. Several years ago, her father sold his business, gifting his daughter, $5 million dollars, which she deposited in her UBS Puerto Rico account. At that point in time, she had very little investment experience and a very small account. The claimant relied exclusively upon her UBS Puerto Rico broker for investment advice and management of the investments in her account.

Apr 10, 2014

UBS Puerto Rico Investor Claims For Unsuitable Investments

The UBS Puerto Rico stockbroker has been the client’s primary broker for many years and knows the client’s age, employment status, and financial condition. The stockbroker knew that the client’s life savings were deposited with UBS Puerto Rico and in his hands. The client has been a passive investor and relied exclusively on his stockbroker to make all of the investment decisions in his UBS Puerto Rico account. As a result of the UBS Puerto Rico stockbroker’s recommendations and decisions, the client’s account became highly concentrated (100%!) in Puerto Rico bonds.

Apr 1, 2014

FINRA Permanently Bars Stockbroker Ariel Hernandez

Until recently, Ariel Luis Fernandez was a registered stockbroker with Liberty Partners Financial Services, LLC (Liberty Partners) and a registered Investment Advisor with Liberty Partners Capital Management, LLC in Pembroke Pines, Florida. Rather than face the music, it appears that Mr. Hernandez entered into an agreement with the Financial Industry Regulatory Authority (FINRA) to be barred from any future registration in the securities industry for noncompliance with an industry rule. The FINRA Rule he agreed that he violated was Rule 8210. It requires that registered persons cooperate with ongoing investigations by producing documents and giving testimony. By agreeing not to cooperate, Mr. Hernandez closed down the investigation and avoided severe sanctions.

Feb 28, 2014

EIGHTY YEAR OLD INVESTOR SUES UBS PUERTO RICO

The client is an 80 year old retiree living alone in San Juan, Puerto Rico. He was introduced to the UBS Puerto Rico broker 10 years ago, believing at the time that the broker worked for Oriental Financial Services, Corp. Upon the recommendation of the broker, the client purchased a Sunlife annuity from him and held that annuity for many years. Thereafter, the UBS Puerto Rico broker solicited client to make other investments, but the client had a long standing relationship with a Santander Securities and later Popular Securities broker and declined the stockbroker’s solicitations until last year.

Feb 24, 2014

Is UBS Puerto Rico Up To Its Same Old Tricks?

Will someone please explain to me how the UBS Puerto Rico sponsored closed-end bond funds (UBS Funds) managed to increase their Net Asset Values (NAVs) after most, if not all, of the Puerto Rico government and agency issued bonds held in the UBS Funds were downgraded to “junk” status? I am questioning whether the NAVs that UBS Puerto Rico reported for the week ending February 19, 2014 in the prior two weeks truly represent the actual NAVs of the UBS Funds. First, how did they manage to fairly price the bonds with the small number and size of Puerto Rico bond transactions in the marketplace? Most of the Puerto Rico bonds in the UBS funds are very thinly traded. Further, the prices of many of the Puerto Rico bond transactions have been all over the place because the trading is very volatile. Did UBS Puerto Rico get these prices from a matrix? Or has UBS Puerto Rico manipulated the Puerto Rico bond market through transactions with their closed-end bond funds? With the increasing number of arbitration claims relating to the UBS Puerto Rico closed-end bond funds, I am wondering whether UBS Puerto Rico is engaging in a trading strategy to pump up the NAVs and prices of the UBS Funds to reduce the Claimants’ damages in those arbitration proceedings. Whatever the reason, there is a slight upward trend in the NAVs of most of the UBS Funds as set forth below:

Feb 12, 2014

Puerto Rico – Three Strikes and You’re “Chatarra” or “Junk”

Yesterday Fitch Ratings, the last of the big three national credit rating services, Moody’s, Fitch or Standard and Poor’s, downgraded multiple issues of Puerto Rico debt to what the Puerto Ricans describe as “Chatarra”; that is, “Junk.” Moody’s and Standard & Poors had cursed Puerto Rico bondholders with that same rating just last week. Fitch downgraded the Puerto Rico General Obligation bonds to BB from BBB- along with the Building Authority, Aqueduct & Sewer, and Retirement System bonds. Fitch spared the prized Puerto Rico Sales Tax Financing Corporation Bonds (COFINA Bonds) from any downgrade; they are the only general category that still hold an investment grade rating. However, Fitch’s outlook (direction of ratings over the next 1-2 years) for all of these bonds remains negative.

Feb 7, 2014

Now Moody’s Says Puerto Rico Debt is “Chatarra” – “Junk”

We told you months ago that Puerto Rico debt was going to be downgraded by one or more of the three national credit rating services, Moody’s, Fitch or Standard and Poor’s before June 2014. On Wednesday Standard & Poor’s downgraded multiple issues of Puerto Rico debt to what the Puerto Ricans describe as “Chatarra”; that is, “Junk.” This afternoon Moody’s Investors Service joined in and downgraded the Puerto Rico General Obligation bonds to Ba2 from Baa3 and all of the other agency linked debt two more notches except the Puerto Rico Aqueduct and sewer Authority bonds which only went down one more notch to Ba1. In addition, Moody’s downgraded the prized Puerto Rico Sales Tax Financing Corporation Bonds (COFINA Bonds) another notch which still leaves them with an investment grade rating. Moody’s outlook for all of these bonds remains negative.

Feb 6, 2014

Puerto Rico Debt is “Chatarra” – “Junk”

You read it on this blog months ago, Puerto Rico debt was going to be downgraded by one or more of the three national credit rating services, Moody’s, Fitch or Standard and Poor’s before June 2014. Well two days ago Standard & Poor’s won the race to the finish line. It downgraded multiple issues of Puerto Rico debt to what the Puerto Ricans describe as “Chatarra”; that is, “Junk.” For example, Standard & Poor’s lowered the ratings from investment grade rating “BBB” to speculative junk bond rating “BB” on the following bonds:

Jan 21, 2014

Puerto Rico Gov. Padilla’s Spins For Hope and Prayers

Governor Alejandro Garcia Padilla published an article in the Huffington Post’s Latino Voices section today spinning his administration’s accomplishments in the past year. He claimed “Puerto Rico’s Economy Is Stronger Today Than It Was a Year Ago.” He cited the so-called improvements in pension reform, revenue improvement and restructuring of public corporations as the reason for his claims. The article read more like another politician speech than a realistic account of the state of the economy on the Island. The constitutionality of the pension reforms measures are under review by the Supreme Court. He claimed that his administration created over 25,000 jobs but the latest federal report indicated that Puerto Rico has lost more than 40,000 jobs over the last year. He didn’t say anything about the Government Development Bank’s latest Economic Activity Index report that the economy continued to contract in November 2013 over 5.7% on a year-to-year basis (the 12th consecutive monthly contraction in the last year). The Puerto Rico economy has been contracting in greater and greater amounts every month over the last year. Nor did he say anything about the fact that his own administration had dropped its own expectations for any growth this year. He was also silent about the fact that revenues from the sales and use tax (funding the Covina bonds) are also short of estimates this year. Nor did he say anything about the $688 million increase in the fiscal budget for this year. And so, what is his basis for the spin? Hope and Prayers?

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46 search results found for “closed end funds”