SAN JUAN, Puerto Rico, Dec. 16, 2014 /PRNewswire-HISPANIC PR WIRE/ — Lawyers with the Securities Law Firm of Shepherd Smith Edwards & Kantas LLP, http://www.ubs-taxfree-puertorico.com/, have filed a claim on behalf of former clients of Dennis Cummings (“Cummings”) and Popular Securities, LLC. (“Popular”). These clients have alleged that Cummings recommended that the clients invest huge portions of their accounts, which was a large portion of the clients’ total net worth, in a Puerto Rican Closed-End Bond Fund which Popular had helped to create and operate. 

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The clients, who were retired at the time, claim that Cummings told them that this investment included little risk and would provide a safe income stream to them for the rest of their lives. The clients have also claimed that Cummings and Popular did not warn them that the Popular bond fund was highly leveraged, which greatly increased the risk of the investment. They were also not warned that this investment would not provide a properly diversified portfolio, also greatly increasing their risk of loss. As a result of these recommendations, these clients saw tremendous losses to their life savings. Attorneys with the law firm Shepherd, Smith, Edwards & Kantas LLP are currently in the process of trying to recover these losses.

There are also a number of other clients of Cummings and Popular which have filed claims similar to those of these clients, making this appear to be a widespread problem.  If you are or were a client of Dennis Cummings or Popular and suffered losses in municipal bond investments made at the recommendation of your broker, contact the law firm of Shepherd, Smith, Edwards & Kantas LLP for a free, confidential evaluation of your account.

We have a team of attorneys, consultants and staff with more than 100 years of combined experience in the securities industry and in securities law. For more than two decades, our firm has represented thousands of investors nationwide to recover losses. We have represented clients in Federal and state courts and in arbitration through the Financial Industry Regulatory Authority (FINRA), the New York Stock Exchange Inc. (NYSE), the American Arbitration Association (AAA) and in private arbitration actions.  

Contact Info: 800-259-9010

+1-713-580-8914 to speak to Spanish fluent staff

Luis Acevedo lacevedo@sseklaw.com

Kirk Smith ksmith@sseklaw.com