Articles Tagged with Anti-Money Laundering

Chicago-based Stoltmann Law Offices is representing investors who’ve suffered losses from dealing with broker-advisors who’ve sold bonds from Puerto Rico.

In the case of Eugenio Garcia Jimenez, Jr., the US Securities and Exchange Commission (SEC) charged Garcia, who is based in Orlando, Florida, with defrauding the Municipality of Mayagüez, Puerto Rico and misappropriating $7.1 million of taxpayer funds.

According to Investment News, Garcia opened an account at LPL in 2016 “to further his scheme to defraud his client, the Municipality of Mayagüez, Puerto Rico. LPL did not verify certain identification documents before opening the account, although it was required to do so by its own procedures,” according to the SEC. Jimenez, Jr., is not directly affiliated with LPL.

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