SAN JUAN, Puerto Rico, Sept. 2, 2014 (GLOBE NEWSWIRE) — The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.perdidasenbonospr.com, together with Carlo Law Offices, P.S.C. located in Puerto Rico, announced today that they filed a claim against Santander Securities (“Santander”), a part of Banco Santander, S.A. (NYSE:SAN). The claim, filed with FINRA’s arbitration department, seeks to recover damages of $500,000 as a result of being over-concentrated in Puerto Rico Government Bonds (“PRGBs”).
According to the Claim, the Claimant built his career from the ground up and his dedication allowed him to develop a name that is associated with hard work, team work and integrity. It also opened the possibility for him to create a patrimony to secure his future and retirement years. It was part of this patrimony that he entrusted to Santander with the objective of “income with low risk.” However, Santander ended up switching him out of U.S. Bonds and over-concentrating the account in PRGBs. Unbeknownst to the Claimant, the concentrated portfolio incorporated a high degree of risk which was further increased as it served as collateral for a margin loan. The Claimant was never advised of this risk and would never have agreed to such an aggressive portfolio. He trusted Santander and its financial advisors but they breached their duty to him. Santander’s conduct resulted in damages of $500,000, the Claimant’s account is still at the mercy of a failing local economy.
The sole purpose of this release is to investigate, on behalf of our clients, the sales practices of Santander in connection with the sale of PRGBs to their customers. Current and former customers of Santander, or other full-service brokerage firms in Puerto Rico, who purchased PRGBs and have information relating to the manner in which the firm represented these products, are encouraged to contact Steven D. Toskes of Klayman & Toskes, or Lcdo. Osvaldo Carlo of Carlo Law Offices, at (787) 919-7325, or visit us on the web at www.perdidasenbonospr.com.