The Securities Arbitration Law Firms of Klayman & Toskes, P.A. and Carlo Law Offices Continue to Investigate Santander Securities, LLC on Behalf of Puerto Rico Investors for FINRA Sales Practice Violations
San Juan, Puerto Rico (BUSINESSWIRE) – October 13, 2015 – The Securities Arbitration Law Firms of Klayman & Toskes, P.A., www.perdidasenbonospr/.com/en/, and Carlo Law Offices continue to investigate Santander Securities, LLC, a subsidiary of Santander BanCorp, both wholly owned by Banco Santander, S.A. (NYSE:SAN) for securities sales practice violations. Financial Industry Regulatory Authority (FINRA), announced a $6.4 million settlement with Santander Securities, LLC for sales practice violations related to UBS Puerto Rico Bond Funds and UBS affiliated bank loans.
According to the FINRA Acceptance Waiver and Consent Order (AWC), Santander Securities, LLC agreed to settle with FINRA for $6.4 million which included, “A fine of $2.0 million” and “Restitution of approximately $4.3 million” for certain solicited transactions in Puerto Rico Bonds and close-end funds. FINRA cited that, Santander Securities, LLC had “deficient supervisory system and procedure regarding concentrated securities purchases and margin use” related to solicited investments in individual Puerto Rico bonds and Puerto Rico close-end funds.
According to Steven D, Toskes, Esq., of Klayman & Toskes, P.A., “the findings in the FINRA action against Santander Securities released today is significant for investor claims of broker misconduct related to solicited investments in individual Puerto Rico Bonds, Puerto Rico closed-end funds and the use of margin loans which led to catastrophic losses.” Mr. Toskes continued, “Our investigations resulted in similar findings to those detailed in the FINRA AWC against Santander Securities that resulted in $6.4 million in fines and restitution for misrepresentations about risk, concentration in Puerto Rico Bonds and the use of margin and bank loans.”
The securities arbitration law firms of Klayman & Toskes, P.A. and Carlo Law Offices are dedicated to the rights of Puerto Rico investors. We are experienced, qualified and nationally recognized securities litigation attorneys. We are currently investigating Santander Securities, LLC for FINRA sales practice violations related to concentrated investments in individual Puerto Rico Bonds, Puerto Rico closed-end funds and the use of margin loans. Puerto Rico investors who have experience with or knowledge of Santander Securities sales practices, contact Steven D. Toskes, Esq. at 888-997-9956.