April 2017- Parsippany, New Jersey
The FINRA records of Sean J. McElduff , a stockbroker who is employed by Hennion & Walsh disclose a prior final customer dispute and a currently pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In pending FINRA arbitration 16-03651 a customer of Hennion & Walsh alleges damages of $260,000 for an unsuitable recommendation to purchase Puerto Rico municipal bonds.
McElduff has been employed by Hennion & Walsh since 8/2008.
Puerto Rico Debt Crisis
In early 2014, various credit rating agencies downgraded the debt of Puerto Rico to non investment grade, better known as junk status or speculative grade. This downgrade triggered acceleration clauses requiring the repayment of some debt within months, rather than years.
Puerto Rico has over $70 billion of outstanding debt, with a debt to GDP ratio of about 68%. While about $30 billion (42%) of Puerto Rico’s debt is owned by residents of Puerto Rico, the larger portion is owned by non-residents, primarily residents of the continental United States.
Investors who have suffered losses on Puerto Rico’s bonds may be able to recover damages from the brokerage firm who sold the bonds.
If you have losses in an account in an account handled by Sean J. McElduff , contact us to discuss how you may be able to recover damages for those losses.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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