Investing is a smart idea for building additional income streams and building up savings for important things, like retirement and traveling. Making the right decisions regarding investing can be difficult though, which is why people in New York often turn to professionals. Sadly, not all professional investment advisers have their clients' best interests at heart, which can lead to costly and unsuitable investments.
Stock trading is a highly regulated industry. Brokerage firms have several compliance methods in place to assure you that your money is being invested both wisely and legally. That said, it is possible for some misconduct to slip through the cracks.
Claims against Union Bank of Switzerland (UBS) Puerto Rico’s closed-end bond practices continue to arise years after the initial crash of 2013. Since that time, the bank has paid tens of millions of dollars to both regulatory agencies and individual investors.
By now, those who have not personally used a ridesharing app have probably at least heard of one, such as Uber or Lyft. While these ridesharing programs are certainly popular among many people in New York, they are not without controversy. Lyft is currently dealing with securities litigation for allegedly making misleading claims.
The Financial Industry Regulatory Authority (FINRA) proposed a new rule earlier this month to restrict the actions of investment firms with a problematic history. Open for comment until July 1, Rule 4111's "Restricted Firm Obligations" aims to protect investors from activities by rogue brokers and firms that turn a blind eye to supervising them.
Investing is a great way to secure not only a steady source of income, but also a sturdy financial future. Most investors in New York and elsewhere are proud of the lives they have built for themselves through investing. Unfortunately, through no fault of your own, you might have found yourself in a less than ideal position. If you were the victim of illegal activity by an investment firm with regard to Puerto Rico, you need to find the right representation in Puerto Rico.