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Miami Investment Fraud Attorney
1 SE 3rd Ave # 1200
SunTrust International Center
Miami, Florida 33131

ESFIL Commercial Paper sold by Espirito Santo (E.S. Financial Services, Inc.)

Espirito Santo Bank is a Florida chartered bank headquartered in Miami which offers private banking services. Many of the clients of E.S. Financial Services, Inc., the wealth management division of Espirito Santo Bank, have been sold ESFIL Commercial Paper, which is currently in default. The International Securities Identification Number (ISIN) for the commercial paper is XS0994798923. Much of the commercial paper yielded 3.75%.

We understand certain customers were not explained the risks of this investment. In addition, certain customers were also not properly diversified and had too much of their portfolio in this single investment. Certain customers may have not been told that they commercial paper being issued was by an affiliated company of Espirito Santo.

This is not the first time that E.S. Financial Services has caused its clients losses by selling commercial paper of a related entity. In 2012, the Financial Industry Regulatory Authority (FINRA) fined E.S. Financial Services $200,000 for selling customers more than $140 million in commercial paper guaranteed by Espirito Santo International without fully explaining the risks.

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