The home office of Doral Bank, the San Juan, P.R.-based lender struggling to meet regulatory mandates, was raided by the FBI in a search for evidence related to “several ongoing investigations,” the agency said, Bloomberg News reported yesterday.
Puerto Rico in Distress
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Puerto Rico's electric power authority PREPA is expected to ask bondholders to extend a forbearance agreement set to expire at the end of next March, Reuters reported yesterday. A presentation to the bondholders in New York yesterday highlighted the extent of the problems facing PREPA and fell short of an expected business plan.
The Securities and Exchange Commission said that the city of Allen Park, Mich., and two of its former officials settled fraud charges related to the sale of a $31 million municipal bond issue to raise funds for a movie studio project to spur needed economic development, the Wall Street Journal reported today.
Doral Financial Corp., the holding company for Puerto Rico’s second-largest mortgage lender, pressed its demand before a judge for a $229.9 million tax refund, with testimony from the company’s lawyer, Bloomberg News reported yesterday. Doral and Puerto Rico agreed in 2012 that the company was entitled to the refund as a result of a restatement of earnings from 1998 to 2004.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.