SAN JUAN, Puerto Rico, Dec. 19, 2017 /PRNewswire-HISPANIC PR WIRE/ -- Lawyers with the Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, www.sseklaw.com, are investigating claims involving Santander Securities Puerto Rico and Puerto Rico bonds. A number of brokerage firms in Puerto Rico, including Santander Securities Puerto Rico, sold massive amounts of Puerto Rico bonds to clients.
Santander Securities Puerto Rico, the investment division of Banco Santander in Puerto Rico, has reportedly decided to terminate all operations with financial advisors on the island. All remaining Santander advisors were reportedly informed that their positions were being eliminated earlier this month. The administrative staff is also being terminated by the end of January. Santander spokesmen have been quoted claiming that the company will continue to service accounts in Puerto Rico, but it is unclear what infrastructure or employees will be left to actually perform those services.
This transition only worsens the situation many Puerto Rico investors have found themselves in due to the collapse in the Puerto Rico bond market. Current Santander clients may soon find themselves unable to get meaningful information or guidance about what is going on with Puerto Rico bonds and related bond funds, and what decisions current bond holders may need to make in the coming months or years.
If you are or were a current or former client of Santander and purchased Puerto Rico bonds or bond funds from Santander, you can contact our law firm for a free, no obligation consultation about your situation and the options you may have available to you. All communications will be kept strictly confidential, and you will not be billed in any way for a consultation.
Shepherd Smith Edwards & Kantas LLP has a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses. We have been working directly with investors in Puerto Rico for many years, helping many investors on the island recover losses.