We recently wrote about securities arbitration claims our securities attorneys are handling involving former Morgan Stanley broker Angel Aquino, (CRD #2687333), while he was a stockbroker with Morgan Stanley. He resigned from the company in July of 2017 after multiple customer complaints and securities arbitration claims. Current customer disputes filed against Aquino currently add up to nearly $12 million. A new related complaint was filed on May 8, 2018 against Aquino and Morgan Stanley (CRD #149777.) He is not currently registered as a broker, and no current employment information is available. Morgan Stanley continues to be subject to multiple claims relating to its recommendation and sale of Puerto Rico bonds.
The complaints stem from Aquino’s heavy emphasis on investments in Puerto Rico Cofina bonds. These are backed by the island’s sales tax revenue, and have triple-tax-free status. They became a popular investment for Wall Street banks to sell to retirees and other investors, but when things changed, the bonds didn’t pay as much and many advisors allegedly failed to disclose the risks with the bonds. But Aquino continued to sell his customers heavily on Puerto Rico bonds, even while they lost money.
Puerto Rico filed for bankruptcy in May of 2017 for relief of $70 billion in municipal debt. On September 20, 2017, Hurricane Maria swept through the island and destroyed crops, damaged aging infrastructure and flooded the cities. No clear path exists for Puerto Rico to meet its debt obligations.
The newest case requests damages of $220,663.36, alleging that from July 2013 through May of 2017, there was “unsuitability with respect to investments.” This case is currently pending.
The three previous cases, filed in October of 2017 after Aquino’s resignation, also claim “unsuitability,” with one specifying Puerto Rico investments. Two of the claims request damages of $5 million each; the third doesn’t specify damages.
Previously, Morgan Stanley settled four arbitration claims with FINRA for a total of $2.4 million. These claims were also allegedly from Angel Aquino’s sales of Puerto Rico bonds.
Have You Invested In Puerto Rico Bonds or Cofina bonds?
Silver Law Group represents investors in claims for losses relating to Puerto Rico bonds against several different Wall Street banks and stockbrokers including Morgan Stanley, UBS, Wells Fargo, Santander and others. Many investors were recommended that they purchase large concentrated positions in Puerto Rico bonds, in other circumstances, retirees and elderly investors have alleged that their stockbroker churned Puerto Rico bonds in their account in order to generate markups or commissions for themselves. Our Puerto Rico bond attorneys speak English and Spanish and represent investors nationwide in securities arbitration and investment fraud cases.
Contact our firm today. Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.