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Puerto Rico Cooperativas Coerced to Buy Bonds: Attorney

A lawyer for 25 island cooperativas alleges their regulator threatened punitive taxation if they didnt buy government bonds.

By David Baumann | Updated on April 05, 2016

Puerto Rico’s cooperativas accused the island’s regulator of using threats to induce them to purchase government bonds – investments that could be worth little as the territory’s government teeters on the brink of collapse.

“Credit unions did rely on representations from the government,” attorney Jose Sosa-Llorens told CU Times. Sosa-Llorens, a former commissioner for Financial Institutions of the Commonwealth of Puerto Rico, is an attorney representing 25 of the largest cooperativas on the island.

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David Baumann

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