Felix "Tito" Trinidad in ruin because of financial advisor
Felix "Tito" Trinidad, ex-boxer who during his glorious career earned revenue of $ 86 million, is currently in financial ruin due to a series of risky transactions made allegedly without his consent by his financial advisor lifetime, José "Pepe "Ramos, as evidenced by a petition for injunction filed this afternoon at the Court of San Juan.
The injunction present him and his father Tito Trinidad, Felix Trinidad, so that different entities be ordered to desist from charging understand multimillion debts that fell into financial ruin because of bad decisions made without their consent Ramos allegedly.
As alleged in a complaint with the entity Financial Industry Regulatory Authority (FINRA), which elucidates disputes between investors and which was filed as an attachment to the petition for injunction, Ramos spent almost all the money of the Trinity in different bond portfolios related to the Government of Puerto Rico, which in recent months have suffered a severe crash because of the severe fiscal crisis facing the Commonwealth (ELA).
According to Trinidad, Ramos, who was financial adviser to Trinidad since 1991, had with them a close personal relationship and was even best man Tito, made these transactions even though they had been told they were not interested to take risks with their money and did not want to incur any transaction that would endanger the money earned during his career.
The only interest of Trinidad, according to the complaint with FINRA, was to keep their capital intact and live in fixed interest this generated. The total estimated losses suffered by Tito Trinidad Ramos attributed to the actions was estimated at $ 63 million. Its capital is now estimated at $ 9 million, but has debts of more than three times that amount.
Ramos led transactions while worked in various financial institutions that used in part for being the person in charge of the fortunes of Trinidad, as alleged in the complaint of FINRA. These were Wells Fargo Advisor, UBS and Popular Securities.
After filing the injunction, Banco Popular said to be in the best position to resolve the situation.
"As Puerto Ricans, Popular have great affection for Mr. Felix" Tito "Trinidad and proud that you have chosen us as their financial institution and investment house in recent years," Popular said.
"We know that Mr. Trinidad has faced financial challenges and, therefore, in Popular we have always been at his side offering restructuring options to help alleviate their financial difficulties. We regret that this situation has resulted in the courts, but yet better reiterate our willingness to find a mutually satisfactory solution for both parties. "