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Puerto Rico

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Creditors outline violations of PROMESA in Puerto Rico fiscal plan

March 29, 2017
Creditors outline violations of PROMESA in Puerto Rico fiscal plan WASHINGTON, USA -- On Monday, creditors and insurers representing approximately $12 billion of bonds issued by Puerto Rico and its instrumentalities sent a joint letter to members of the Federal Oversight Board created by the Puerto Rico Oversight, Management, and Economic Stability Act...

US Coast Guard offloads $44.5 million of seized cocaine in USVI and Puerto Rico

March 23, 2017
US Coast Guard offloads $44.5 million of seized cocaine in USVI and Puerto Rico SAN JUAN, Puerto Rico -- The US Coast Guard offloaded approximately 929 kilograms of cocaine on Tuesday in St Croix, US Virgin Islands, and another 400 kilograms of cocaine on Sunday in San Juan, Puerto Rico. The offloads come after two recent at sea interdictions in international...

Puerto Rico officials urge congress to take immediate action to avoid 'Medicaid cliff'

March 23, 2017
Puerto Rico officials urge congress to take immediate action to avoid 'Medicaid cliff' WASHINGTON, USA -- The governor of Puerto Rico, Ricardo Rossello, and Puerto Rico’s Resident Commissioner Jennifer Gonzalez spoke to a group on Capitol Hill on Wednesday to urge the US Congress to address immediately the urgent and entirely avoidable health care crisis known as...

Puerto Rico governor seeks Florida's assistance in addressing healthcare crisis

March 21, 2017
Puerto Rico governor seeks Florida's assistance in addressing healthcare crisis SAN JUAN, Puerto Rico -- The governor of Puerto Rico, Ricardo Rosselló Nevares, has alerted Governor Rick Scott of Florida in a letter, calling his attention to the "rapidly approaching drop in federal healthcare funding for Puerto Rico, known as Medicaid cliff", which will likely result in a substantial...

Letter: Missing baby

March 10, 2017
Letter: Missing baby I'm trying to get the word out about a baby taken to Puerto Rico by her mother to try to keep her away from her father. The mother Liznel Diaz, after finding out she lost custody, fled to her family in Puerto Rico. She kept the father away during the pregnancy, threatened abortions by actually...

Commentary: FBI continues to obstruct justice to hide Puerto Rico bond fraud

March 2, 2017
Commentary: FBI continues to obstruct justice to hide Puerto Rico bond fraud Almost two years ago, the FBI was presented with significant and wide reaching evidence that credit rating agencies were selling fraudulent credit ratings to technically bankrupt companies and that the major banks on Wall Street were knowingly selling these worthless bonds to innocent...

US Coast Guard offloads over $125 million in seized cocaine in Puerto Rico

February 28, 2017
US Coast Guard offloads over $125 million in seized cocaine in Puerto Rico SAN JUAN, Puerto Rico --The US Coast Guard offloaded on Monday approximately 4.2 tons of seized cocaine, worth an estimated $125 million in wholesale value, at Coast Guard Sector San Juan. Four Guyanese men apprehended in this case were transferred Saturday to federal law...

Political prisoner returns to Puerto Rico but remains under house arrest until sentence expires

February 25, 2017
Political prisoner returns to Puerto Rico but remains under house arrest until sentence expires SAN JUAN, Puerto Rico -- The news broke unexpectedly on the morning of February 9. Social media was buzzing with rumors that Puerto Rico's longest-serving political prisoner, Oscar López Rivera, would be landing in San Juan that very same day. Shortly thereafter, both El Nuevo Día and...

Law enforcement partners seize 1,522 pounds of cocaine in Puerto Rico

February 25, 2017
Law enforcement partners seize 1,522 pounds of cocaine in Puerto Rico AGUADILLA, Puerto Rico -- With Operation Stonegarden situational awareness and intelligence, the Puerto Rico Police Department’s Joint Forces for Rapid Action (FURA, for its Spanish acronym) on Tuesday seized 1,522 pounds (690 kilos) of cocaine, with an estimated value of $19.3 million.

Higher education in Puerto Rico in crisis

February 24, 2017
Higher education in Puerto Rico in crisis SAN JUAN, Puerto Rico -- UPR, the University of Puerto Rico, finds itself in crisis, following funding cutbacks that have led to a wave of resignations by top administrators. Last summer, the US Congress adopted PROMESA (the Puerto Rico Oversight, Management, and Economic Stability Act).

Average air fares to Caribbean, Mexico down this winter

February 16, 2017
Average air fares to Caribbean, Mexico down this winter ARLINGTON, USA -- Airlines Reporting Corp. (ARC), the premier driver of air travel intelligence and commerce in the travel industry, reported on Tuesday that travelers looking to fly south during the winter months can expect to pay slightly less than last year.  Nearly 240,000 air tickets to...

Commentary: Widespread congressional 'pay to play' scheme involving Puerto Rico bonds

February 14, 2017
Commentary: Widespread congressional 'pay to play' scheme involving Puerto Rico bonds The Office of Congressional Ethics (OCE) is preparing to tackle a widespread congressional “pay to play” scheme involving Puerto Rico bonds. In “off the record” conversations, members of the OCE have expressed serious concern over the depth and scope of serious allegations of wrongdoing.

Thirteen arrested in scheme to smuggle narcotics from Puerto Rico to New York

February 9, 2017
Thirteen arrested in scheme to smuggle narcotics from Puerto Rico to New York NEW YORK, USA -- A multi-agency operation on Tuesday morning resulted in the arrest and indictment of 13 members of a narcotics trafficking group charged with smuggling large amounts of narcotics from Puerto Rico through the US Mail for distribution in New York City. The arrests are the...

DHL invests close to $1 million in Puerto Rico in 2016

February 4, 2017
DHL invests close to $1 million in Puerto Rico in 2016 MIAMI, USA -- DHL Global Forwarding, the air and ocean freight specialist within Deutsche Post DHL Group, announced it is celebrating ten years as a dedicated Life Science Competency Center, out of the approximately 60 years it has been in operation in San Juan, Puerto Rico.

School bus company owners convicted of bid rigging and mail fraud in Puerto Rico

January 28, 2017
School bus company owners convicted of bid rigging and mail fraud in Puerto Rico SAN JUAN, Puerto Rico -- Following a week-long trial, a federal jury in Puerto Rico has convicted four individuals for participating in bid rigging and fraud conspiracies at an auction for public school bus transportation services in Puerto Rico’s Caguas municipality. Gavino Rivera Herrera...

Puerto Rico celebrates release of political prisoner

January 27, 2017
Puerto Rico celebrates release of political prisoner SAN JUAN, Puerto Rico -- Jubilant celebrations began the same day that Oscar López Rivera, Puerto Rico's longest held political prisoner, had his sentence commuted by former President Barack Obama on January 17. López Rivera was convicted of seditious conspiracy in 1981 and sentenced to 55 years...

Four vessels with 126 undocumented migrants intercepted off Puerto Rico

January 27, 2017
Four vessels with 126 undocumented migrants intercepted off Puerto Rico AGUADILLA, Puerto Rico -- US Customs and Border Protection (CBP), US Coast Guard and the Puerto Rico Police Department (PRPD), working under the Caribbean Border Interagency Group (CBIG), have intercepted 126 undocumented migrants from the Dominican Republic, Cuba and Haiti.

Swiss bank ordered to pay investors over $25 million for losses involving Puerto Rico bonds

January 27, 2017
Swiss bank ordered to pay investors over $25 million for losses involving Puerto Rico bonds SAN JUAN, Puerto Rico -- Two subsidiaries of Swiss bank UBS have been ordered to pay several investors in Puerto Rico over $25 million by two FINRA arbitration panels for losses the investors suffered in Puerto Rico bonds and UBS's closed-end Puerto Rico bond funds. In one case, the arbitration panel...

Trade fraud coordination strengthened in Puerto Rico

January 25, 2017
Trade fraud coordination strengthened in Puerto Rico SAN JUAN, Puerto Rico -- US Customs and Border Protection Director of Field Operations Marcelino Borges and US Immigration and Customs Enforcement’s (ICE) Homeland Security Investigations (HSI) Special Agent in Charge Ricardo Mayoral signed an agreement on January 20...

Commentary: How to steal $70 billion in Puerto Rico bonds and get away with it!

January 25, 2017
Commentary: How to steal $70 billion in Puerto Rico bonds and get away with it! I will start out with an analogy that will illustrate exactly what took place in a way that everyone can understand. John Doe had a $70 billion home mortgage. John was having trouble making the payments and was running short on money for home repairs. John knew that he couldn’t qualify for...

The 2017 Puerto Rico Investment Summit listed on new events website

January 24, 2017
The 2017 Puerto Rico Investment Summit listed on new events website MIAMI, USA -- EventsXPO.com, the leading discovery platform for US events and trade shows, has added the March, 2017, Puerto Rico Investment Summit to its listings. The fifth Puerto Rico Investment Summit is scheduled on March 2 and 3 and is expected to draw hundreds of investors...

Obama commutes sentence for Puerto Rico political prisoner

January 19, 2017
Obama commutes sentence for Puerto Rico political prisoner WASHINGTON, USA -- Puerto Rico's longest-held political prisoner Oscar López Rivera's sentence has been commuted by US President Barack Obama.  The news first broke on social media on Tuesday afternoon, although the pro-independence weekly Claridad had announced that a source...

Another investor lawsuit filed over Puerto Rico bonds

January 16, 2017
Another investor lawsuit filed over Puerto Rico bonds SAN JUAN, Puerto Rico -- A securities arbitration law firm on Friday filed a claim against UBS Financial Services Inc. of Puerto Rico and UBS Financial Services, Inc. (collectively “UBS”) for $8.5 million. According to the claim, the claimant entrusted assets to UBS with the investment objective...

Go-fast vessel with 2,000 pounds of cocaine intercepted near Dominican Republic

January 12, 2017
Go-fast vessel with 2,000 pounds of cocaine intercepted near Dominican Republic AGUADILLA, Puerto Rico -- US Customs and Border Protection (CBP) Air and Marine Operations (AMO) aircraft detected a vessel concealing seized 2,000 pounds (907 kilos) of cocaine that was intercepted just off the Dominican Republic by ongoing multi-agency law enforcement efforts...

Puerto Rico authorities seize counterfeit luxury watches

January 12, 2017
Puerto Rico authorities seize counterfeit luxury watches SAN JUAN, Puerto Rico -- US Customs and Border Protection (CBP) San Juan Field Operations announced on Wednesday the seizure of 20 counterfeit luxury watches, found in two separate shipments, estimated at $2.6 million (MSRP), illegally imported into Puerto Rico from China.

CBP starts operations at new general aviation facility in San Juan, Puerto Rico

January 11, 2017
CBP starts operations at new general aviation facility in San Juan, Puerto Rico SAN JUAN, Puerto Rico -- US Customs and Border Protection (CBP) has announced that PAZOS Fixed Base Operator (FBO) Service opened a new general aviation processing facility at the Luis Munoz Marin International Airport (LMMIA) located in Carolina, Puerto Rico.

Letter: SEC seeks public feedback from anyone with knowledge of Puerto Rico bond fraud

January 9, 2017
Letter: SEC seeks public feedback from anyone with knowledge of Puerto Rico bond fraud Numerous individuals have come forward over the past year to testify about the massive amount of alleged financial fraud taking place in Puerto Rico. Below is a brief list of the accusations made regarding these activities. Billions of dollars is unaccounted for within the Puerto Rico Electric...

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