- October 19, 2018
- Morgan Stanley
The Wolper Law Firm is currently investigating claims against Alberto Castaner, a former Advisor at Morgan Stanley in Ft. Lauderdale, FL. Alberto Castaner has been in the securities industry since the 1980s and previously worked at Popular Securities in San Juan.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), since 2011, Alberto Castaner has been the subject of seven customer complaints for alleged sales practice violations. Of the seven complaints, five remain pending. The five pending complaints allege millions in damages arising out of the alleged unlawful recommendation purchase and hold Puerto Rico municipal bonds.
Puerto Rico’s economic struggles are well documented. The government debt is more than $70 billion, principally comprised of principal and income payments owed to bond holders in Puerto Rico. Between 2015 and 2016, virtually all of the eighteen (18) issuers defaulted, leaving bondholders holding the bag.
Local brokerage firms, including Alberto Castaner’s prior firm, Popular Securities, exacerbated what was already a significant economic problem by recommending to its customers that they purchase Puerto Rico municipal bonds notwithstanding the inevitable collapse of the Puerto Rico economy and financial markets. Credit ratings agencies, like S&P, Moddy’s & Fitch, all rated Puerto Rico debt one notch above “junk” and had the credit on negative watch. In many instances, customers had 100% of their accounts and a substantial percentage of their overall net worth invested in Puerto Rico municipal bonds. This is a violation of the basic principles of investing, particularly considering the negative outlook held by analysts.
The Wolper Law Firm has extensive experience handling Puerto Rico bond cases. Matt Wolper has handled hundreds of these cases since the collapse in 2013. If you or someone you know was a customer of Alberto Castaner and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.