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Displaying 4 out of 4 results for "Excessive Markups".

The MSRB Re-Writes History

(Mar 2014)

Kyle Glazier and Lynn Hume's story in the Bond Buyer last week, "Brokers Violate Puerto Rico OS, MSRB Rules with Retail Trades", about small denomination trades in the recent Puerto Rico bond offering in contravention of the offering document set off a firestorm. The Wall Street Journal's "Finra Examining Trading in Puerto Rico Bonds" and Bloomberg's "Finra Says It's Examining Trading in New Puerto Rico Bonds" both reported on Friday that FINRA was looking into the suspect trades.

What did...

Municipal Bond Markups are Still Excessive

(Mar 2014)

Monday's Wall Street Journal article, Muni Bond Costs Hit Investors in Wallet: Investors Pay Twice as Much for Municipal Debt as for Corporate Bonds, points out yet again that investors pay far more to buy and sell municipal bonds than they pay to buy and sell similar quantities of corporate bonds or common stocks. The article cites a recent S&P study that finds investors buying a $100,000 municipal bond pays an average spread of 1.73% or $1,730 - twice as much as the 0.87% average spread...

SEC Litigation Releases: Week in Review - January 31st, 2014

(Jan 2014)

Court Enters Final Judgment Against Broker in Settlement of Claims Arising from Fraudulent Misrepresentations and the Misappropriation of Funds
January 30, 2014, (Litigation Release No. 22914)
A final judgment was entered this week against David L. Rothman based on charges that "Rothman,...who was the Vice President and minority owner of Rothman Securities, Inc....creat[ed] and issu[ed] false account statements to certain elderly and unsophisticated investor/clients that materially overstated...

Did UBS Charge its Proprietary Puerto Rico Bond Funds Excessive Markups? Part II

(Jan 2014)

We have previously posted several blog posts about UBS Puerto Rico's collapsing closed-end municipal bond funds including: Trouble in Paradise: UBS Puerto Rico Bond Fund Investors Hit Hard, Diversification and UBS Puerto Rico Bond Fund Losses, Did UBS Charge its Proprietary Puerto Rico Bond Funds Excessive Markups? and Merry Christmas from UBS Asset Managers of Puerto Rico.

UBS has argued that since we couldn't identify which trades in the EMMA data were the UBS bond fund trades and UBS...

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