Morgan Stanley to Pay $95,632 to Investor For Unsuitable Recommendations in Puerto Rican Bonds
In November, a Financial Industry Regulatory Authority (FINRA) arbitration panel required Morgan Stanley to pay $95,632 to a New Jersey investor for unsuitable recommendations to buy and hold Puerto Rico bonds. The award is believed to be the first of its kind involving an investor in the States. The award was Schiffman v. Morgan Stanley, FINRA Case No. 14-01573. Investors so far have suffered losses between 20 and 40 percent of their investments, depending on the Puerto Rican bonds they own. Since Puerto Rico plummeted into debt, beginning in 2012, the island’s bonds have also plummeted, leaving investors with massive losses. If you or someone you know has been a victim of Puerto Rican bond fund fraud, please call our Chicago-based securities law offices for a free consultation with an attorney. We take cases on a contingency fee basis to help investors recover their losses. The call to us is free.
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