New York City Speaker Seeks SEC Probe of OppenheimerFunds on Puerto Rico
- Council's Mark-Viverito says investments add to fiscal misery
- Bloomberg data dispute assertion that investments increased
A Puerto Rican Flag flies in Old San Juan, Puerto Rico, on Tuesday, Aug. 18, 2015.
Photographer: Derick E. Hingle/BloombergThis article is for subscribers only.
New York City Council Speaker Melissa Mark-Viverito has asked the Securities and Exchange Commission to investigate OppenheimerFunds Inc., saying the asset-management company has played a role in worsening Puerto Rico’s fiscal crisis by increasing its investments in the island’s debt.
“I urge you and your agency to investigate whether Oppenheimer has fully complied with all securities laws and regulations in the manner in which it has handled its multi-billion dollar investments in Puerto Rican bonds,” Mark-Viverito wrote in a letter sent Thursday to SEC Chair Mary Jo White.