New York, New York (PRWEB) March 13, 2014
Zamansky LLC announces it has filed a FINRA arbitration against Merrill Lynch, Pierce, Fenner & Smith Inc. ("Merrill Lynch") on behalf of a family of Puerto Rican investors with $5 million in alleged losses suffered in Puerto Rican municipal bonds and closed-end bond funds. The case is FINRA 14-00195.
The Statement of Claim in the arbitration alleges that the claimants, a family of investors which included the 80 year-old father, suffered $5 million in losses from an unsuitable, over-concentration of their brokerage accounts in Puerto Rican municipal bonds and closed-end bond funds. The Statement of Claim asserts that not only were the investments unsuitable but that there was insufficient risk disclosure concerning the risks of the investments. The Statement of Claim also alleges that claimants were advised to leverage their investments through borrowing, which was an unsuitable and excessively risky strategy. The Statement of Claim also alleges that Merrill Lynch failed to properly advise them when the Puerto Rican economy and credit ratings deteriorated over the past two years.
Stock fraud attorney Jacob Zamansky has described what is happening in Puerto Rico as the "Hurricane Katrina of financial crises." Any investor who purchased or held large positions of Puerto Rican municipal bonds or bond fund customers should consult a professional to discuss his or her legal rights, Zamansky states.
What Investors Can Do
If you are an investor who has suffered a loss from a Puerto Rican bond or bond fund, or you would like to have your accounts reviewed, you may, without obligation or cost to you, email jake(at)zamansky(dot)com or call the law firm at (212) 742-1414.
About Zamansky LLC
Zamansky LLC is a leading investment fraud law firm specializing in securities arbitration and securities class actions. Our stock fraud attorneys represent both individual and institutional investors. Our stockbroker fraud practice is nationally recognized for our ability to aggressively prosecute cases and recover losses.
50 Broadway - 32nd Floor
New York, NY 10004
Jake Zamansky, 212-742-1414