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National Investment Fraud Lawyers

¿Perdió en bonos y fondos de Puerto Rico?

CASE NO. 10-04929

Posted on Wednesday, June 10th, 2020 at 5:15 pm    

Erez Law obtained a verdict of over $11.1 million, which included all the principal losses plus ordered the bank to indemnify the claimants for a $10 million state court judgment entered against them, for investors who sustained losses in a failed real estate development recommended by their Smith Barney broker who sold away in violation of FINRA rules and industry rules. Brokers are prohibited from recommending investments that are not approved by their brokerage firms, an illicit practice called “selling away”. The recovery represents 100% of the investors’ losses. The award is notable in that the arbitrators made Smith Barney liable for the amount the investors owed Wachovia Bank under a $10 million dollar final judgment against the investors who were guarantors of a loan made in connection with the failed development.