Santander to Pay $6.4 Million in Puerto Rico Bond Settlement
ByFor the second time in less than a month, a global bank with operations in Puerto Rico has agreed to pay millions of dollars to settle accusations that it violated industry rules when selling the island’s bonds to customers.
Santander Securities, a subsidiary of Banco Santander, will pay $4.3 million in restitution to clients on the island who lost money on Puerto Rican bonds, according to the Financial Industry Regulatory Authority, known as Finra.
Finra also said that the brokerage unit would buy back Puerto Rican bonds from a limited group of customers who still hold them, and would pay a fine of $2 million for failing to properly supervise its employees. It estimated the total restitution and penalties at $6.42 million…
Santander to Pay $6.4 Million in Puerto Rico Bond Settlement
