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

Displaying 131-140 out of 712 results

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...

Enforcement Actions: Week in Review - October 10th, 2014

(Oct 2014)

SEC ENFORCEMENT ACTIONS

SEC Obtains Final Judgment Against Paul T. Mannion, Jr., Andrew S. Reckles, Pef Advisors LLC, and Pef Advisors Ltd.
October 8, 2014 (Litigation Release No. 23108 )
The SEC announced that on September 29, 2014, the US District Court for the Northern District of Georgia entered a final judgment against Paul T. Mannion, JR., Andrew S. Reckles, PEF Advisors LLC and PEF Advisors Ltd. The Court found that Mannion and Reckles, co-owners of both PEF Advisors entities, had...

Enforcement Actions: Week in Review - October 3rd, 2014

(Oct 2014)

SEC ENFORCEMENT ACTIONS

SEC v. Patrick G. Rooney, John R. Rooney, and Positron Corporation, Civil Action No. 9:14-cv-81224-KAM (U.S. District Court for the Southern District of Florida)
October 3, 2014 (Litigation Release No. 23103)
The SEC announced that on September 30, it had filed a civil injunctive action against Positron Corporation, Patrick Rooney, the company's former CEO and John R. Rooney, a promoter of penny stocks. Positron, a microcap company, as well as Patrick Rooney and...

Enforcement Actions: Week in Review - September 26th, 2014

(Sep 2014)

SEC ENFORCEMENT ACTIONS

Court Enters Final Judgments Against CEO and Executive Vice President of Company Involved in Pump-And-Dump Scheme Involving Fictitious Buyout Offer
September 25, 2014 (Litigation Release No. 23092)
The SEC announced that the US District Court for the District of Massachusetts entered final judgments against Maximilien Arella, CEO, and Ian Morrice, the Executive Vice President, both of Spencer Pharmaceutical Inc. (a microcap pharmaceutical company). Permanent...

Monogram Residential Trust's Proposed Listing is Further Evidence That Even the Non-Traded REITs Winners Are Losers

(Sep 2014)

The non-traded REIT, Monogram Residential Trust, rebranded from the Behringer Harvard Multifamily REIT I this April, is "exploring a potential listing on a national securities exchange", Monogram's CEO Mark Alfieri wrote in a letter to investors last month. Monogram's managers and senior advisors are optimistic that such a liquidity event will "maximize shareholder value". They claim that the REIT's main problem has been a lack of monetization. We disagree.

We have analyzed all of Monogram's...

Enforcement Actions: Week in Review - September 19th, 2014

(Sep 2014)

SEC ENFORCEMENT ACTIONS

SEC Charges Eight for Roles in Widespread Pump-And-Dump Scheme Involving California-Based Microcap Company
September 18, 2014 (Litigation Release No. 23087)
Charges were filed against eight individuals cooperating in what the SEC alleges is a "pump-and-dump scheme involving a penny stock company...that has repeatedly changed its name and purported line of business over the past several years." The SEC named Izak Zirk de Maison and Angelique de Maison as the...

United Development Funding IV Left Investors $34.8 Million Worse Off

(Jun 2014)

On Wednesday last week, another non-traded REIT listed on a public exchange. United Development Funding IV (ticker: UDF), which sold as a non-traded REIT for $20 per share, closed its first day of trading on the NASDAQ at $19.60. As we have argued extensively in the past, we think that non-traded REITs are a very bad deal for investors, and UDF IV was no exception.

We have gone through all of UDF IV's SEC filings and applied the gross proceeds, distributions, and other cash flows to a liquid,...

Enforcement Actions: Week in Review - June 6th, 2014

(Jun 2014)

SEC ENFORCEMENT ACTIONS

SEC Obtains Final Judgment Against Charles J. Dushek, Charles S. Dushek, and Capital Management Associates, Inc., June 5, 2014, (Litigation Release No. 23015)
Final judgments have been entered against Charles J. Dushek, Charles S. Dushek, and their investment advisory firm, Capital Management Associates, Inc., for their involvement in a "cherry-picking" scheme that "garnered the Dusheks nearly $2 million in illicit profits." The final judgment permanently enjoins the...

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