Teresa Bravo of Aegis Capital Corp Allegedly Recommends Unsuitable Puerto Rico Bonds

The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Jorge Bravo. According to his publicly available FINRA BrokerCheck report, Teresa Bravo has been the subject of multiple customer disputes over the course of her career.

Teresa Bravo is a Puerto Rico-based securities broker who had worked in the securities industry for thirty five years. During her career, she has been registered with eight different securities firms.

Her Registrations 

• Prudential Securities Incorporated (1986-1998)


• Santander Corporation(1998-2006)


• BBVA Securities of Puerto Rico (2006-2011)


• UBS Financial Services Incorporation of Puerto Rico (2011-2015)


• Aegis Capital Corp. (2015-2018)


• Nationwide Planning Associates Inc. (2018-Present)

The Allegations 

• In June 2017, a customer alleged that Teresa Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds and Puerto Rico bonds. This case was settled for $80,000 in damages.


• In June 2017, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds and Puerto Rico bonds. This case was settled for $790,000 in damages.


• In September 2017, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds. This case was settled for $125,000 in damages.


• In February 2018, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds and Puerto Rico bonds. This case was settled for $20,000 in damages.


• In June 2018, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds as a result of a strategy to solicit credit unions to purchase municipal bond offerings. This case was settled for $400,000 in damages.


• In October 2018, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds and Puerto Rico bonds. This case was settled for $300,000 in damages.


• In October 2018, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds. This case was settled for $55,000 in damages.


• In April 2019, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds. This case was settled for $129,034 in damages.


• In May 2019, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds. This case was settled for $1,575,000 in damages.


• In October 2019, a customer alleged that Bravo overconcentrated and had made material misrepresentations concerning unsuitable investments in closed-end funds. This case was settled for $147,000 in damages.

Puerto Rico Bonds

Most municipal bonds are subject to federal, state, and local taxes. However, since Puerto Rico is not technically a state, they were able to find a loophole that allowed them to issue municipal bonds that were triple exempt from federal, state, and local taxes. Usually, for bond purchasers to receive the benefits of a particular tax exemption, they are supposed to be located where the bond is purchased. However, this was not the case with the Puerto Rico bonds. These products could be purchased from anywhere in the country and still provide purchasers with the tax exemptions. This proved very alluring to investors and made these municipal bonds and closed-end funds very popular. However, this contributed to a decline in Puerto Rico's financial status. This continued until Puerto Rico filed for bankruptcy and defaulted on these issued bonds.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money due to this fraud or negligence may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Teresa Bravo, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.