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Our experts frequently write blog posts about the findings of the research we are conducting.

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UBS PR Funds Also Bought $1.35 Billion of UBS Underwritten COFINA Bonds in 2007 and 2008

(Nov 2014)

Yesterday in our post "UBS Succumbed to Conflicts and Purchased $1.7 Billion of Employee Retirement System Bonds into its Puerto Rican Municipal bond Funds in 2008", we showed that UBS underwrote $1.7 billion of unmarketable ERS bonds and bought them into the UBS PR Funds in 2008. Today, we show similar conflicts led UBS to underwrite unmarketable 2007 and 2008 Puerto Rico Sales Tax Financing Corporation (COFINA) bonds and stuff them into the Funds. COFINA issued two series of bonds in 2007...

UBS Succumbed to Conflicts and Purchased $1.7 Billion of Employee Retirement System Bonds into its Puerto Rican Municipal bond Funds in 2008

(Nov 2014)

In today's post we show that UBS underwrote unmarketable Employee Retirement System bonds and bought them into the UBS Funds in 2008. Friday, we'll show similar conflicts led UBS to underwrite unmarketable 2008 COFINA bonds and then stuff them into the UBS Funds.

The Puerto Rican Employee Retirement System was acutely and chronically underfunded. Figure 1 is a plot of the PR funding ratio and the median of the 50 states' funding ratios. The states median funding ratio fluctuated between 80%...

En el 2008, UBS Sucumbe Ante Conflictos y Compra $1.7 Billones en Bonos de la Administración de los Sistemas de Retiro para Colocarlos en sus Fondos de Bonos Municipales de Puerto Rico

(Nov 2014)

En la entrada de hoy mostraremos cómo en el 2008 UBS suscribió bonos inmercadeables de la Administración de los Sistemas de Retiro y luego los compró para colocarlos en Fondos UBS. El viernes mostraremos cómo conflictos similares llevaron a UBS a suscribir bonos inmercadeables de la COFINA para luego colocarlos nuevamente en Fondos UBS.

El sistema de retiro de empleados de Puerto Rico estaba grave y crónicamente sin recursos suficientes para mantener el pago de sus obligaciones. El Gráfico 1...

UBS Stuffed $2.5 Billion of ERS and COFINA Bonds it Underwrote in Its Puerto Rican Funds in 2007 and 2008

(Nov 2014)

We've written extensively about the UBS Puerto Rican Municipal Bond Funds. You can find our earlier blog posts about Puerto Rican Funds on our blog. In a January 2014 blog post titled "Diversification and UBS Puerto Rico Bond Fund Losses", we pointed out that the losses suffered by investors in the UBS PR Funds were caused by the portfolios' high leverage and concentration in Employee Retirement System and Sales Tax Authority (COFINA) bonds. In a December 2013 post titled "Merry Christmas...

Durante 2007 y 2008 UBS Rellenó sus Fondos de Puerto Rico con $2.5 Billones de Bonos de ASR y COFINA Suscritos por Ellos Mismos

(Nov 2014)

Hemos escrito extensamente sobre los Fondos UBS de Bonos Municipales de Puerto Rico. Pueden encontrar nuestra entrada de blog más reciente aquí. En la entrada de blog de Enero de 2014 disponible aquí, nosotros señalamos que las pérdidas sufridas por los inversionistas de los Fondos UBS PR fueron causadas por el alto apalancamiento y concentración de las carteras en bonos del Sistema de Retiro de Empleados y en la Corporación del Fondo de Interés Apremiante (COFINA). En nuestra entrada de...

La Comisión de Bolsa de Valores Impone Sanciones a los Agentes de Bolsa por la Venta de Bonos Municipales de Puerto Rico

(Nov 2014)

La Comisión de Bolsa de Valores (SEC por sus siglas en inglés) anunció el día de hoy sanciones contra 13 compañías de corretaje. En marzo del 2014, estas compañías vendieron denominaciones por debajo de los $100,000 en contra del documento de oferta de los riesgosos bonos municipales de Puerto Rico. El comunicado de prensa con los enlaces individuales de cada orden lo pueden encontrar aquí.

Kyle Glazier y Lynn Hume publicaron el primer artículo relacionado a las ventas de denominaciones...

The Securities and Exchange Commission Sanctions Brokers Over Sale of Puerto Rican Municipal Bonds

(Nov 2014)

The Securities and Exchange Commission announced sanctions today against 13 brokerage firms for selling high risk Puerto Rican municipal bonds in March 2014 in denominations well below the $100,000 minimum specified in the offering circular. The SEC press release with links to the individual orders can be found on the SEC website.

Kyle Glazier and Lynn Hume broke the story about small denomination trades in the Puerto Rico bond offering in contravention of the offering document in the Bond...

Impuestos, Bonos Municipales de Puerto Rico y los Fondos UBS

(Oct 2014)

A la fecha hemos escrito extensamente sobre los fondos de bonos municipales UBS Puerto Rico. Pueden encontrar nuestra más reciente entrada al blog aquí. La singularidad del régimen impositivo de Puerto Rico sigue saliendo a colación y pensamos que una entrada al blog aclarando este asunto vale la pena.

Los residentes de Puerto Rico no pagan impuestos sobre el ingreso al gobierno federal pero pagan altos impuestos sobre el ingreso. Los puertorriqueños pagan una tasa impositiva marginal máxima...

Taxes, Puerto Rico Municipal Bonds and the UBS Funds

(Oct 2014)

We've written extensively about the UBS Puerto Rican Municipal Bond Funds on our blog. Puerto Rico's unique tax regime keeps coming up and we thought it was worth a blog post clearing this matter up.

Puerto Rican residents don't pay federal income tax but do pay very high income taxes. The Puerto Rican maximum marginal income tax rate is 33%, reached at only $50,000 per year of taxable income.

The income on Puerto Rican municipal bonds is exempt from the state income tax that would be paid...

Enforcement Actions: Week in Review - October 17th, 2014

(Oct 2014)

SEC ENFORCEMENT ACTIONS

SEC Obtains Summary Judgment Against Defendants in Securities Fraud Involving Biopharmaceutical Company
October 15, 2014 (Litigation Release No. 23114 )
On October 10, the US District Court for the Northern District of Illinois granted the Commission's motion for "summary judgment and for partial summary judgment, respectively, against Defendants Douglas McClain, Sr. ("McClain Sr."), of Fair Oaks, Texas, and Douglas McClain Jr. ("McClain Jr."), formerly of...

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