Stoltmann Law Offices is investigating Angel Aquino-Velez, a former Morgan Stanley and UBS broker who has been accused of selling Puerto Rico municipal bonds. He has six pending arbitration claims against him and Morgan Stanley, alleging close to $7 million in damages. The allegations include unsuitability and misrepresentation regarding the purchase of municipal securities and closed-end funds. Three of the claims were filed over the summer since he left the firm. Aquino-Velez recently sold clients Puerto Rico Cofina bonds, which are backed by the island’s sales tax revenue. Some of the client’s portfolios were down 80%. The bonds involving UBS are said to be facing almost $1 billion in damages from investor claims. The bonds were unsuitable for many investors, and Puerto Rico filed for bankruptcy under the weight of $70 billion of municipal debt. Ten years before, Puerto Rico had $43.5 billion in debt obligations. Investors to date have recovered $90 million. FINRA’s Office of Dispute Resolution has stayed or temporarily halted all cases based in Puerto Rico until October 20th.
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