New York, NY, June 15, 2016 – The Securities Arbitration Law Firm of Klayman & Toskes applauds the distinguished groups of Senator’s who are calling for a comprehensive investigation into the investment firms who managed Puerto Rico’s debt.
The group of Senator’s is urging the SEC “to investigate any possible misconduct by financial advisors to municipal entities in Puerto Rico in the years leading to the crisis,” which include “possible market manipulation, conflicts of interest, trading practices and fraud” in the management of Puerto Rico securities.
According to Lawrence L. Klayman of Klayman & Toskes, “the people of Puerto Rico deserve to know if investment firms perpetuated or contributed to the debt crisis, especially if illegal activity motivated these firms to put their own financial interests ahead of the individuals who ultimately purchased bonds and bond funds which contained this debt. In the last 25 years there has been scandal after scandal on Wall Street. Unfortunately, it’s always the people on Main Street who pay the price for the misconduct that fuels these scandals. History seems to be repeating itself in light of the Senators’ recommendation to investigate the roles that investment firms played in Puerto Rico’s debt debacle.”