Quetglas Law Office files lawsuit against Popular Inc. over alleged banking illegalities on behalf of former boxing greats Tito Trinidad and his father Don Félix

San Juan, Puerto Rico–(BUSINESS WIRE)–Retired world boxing champion Juan Félix Trinidad-García (“Tito”) and his father, trainer and manager Juan Félix Trinidad-Rodríguez (“Don Félix”), have filed a lawsuit in court of U.S. District of Puerto Rico (Trinidad-García, et al. v. Popular Inc., et al., 21-cv-01529-ADC) (see at: https://www.quetglaslawpsc.org/_files/ugd/828c0f_fdc52a4cf7ec4a88abb7733714c2ecd6.pdf) against Puerto Rico’s largest banking and securities investment entities: Popular Inc. -NASDAQ: BPOP (“BPOP”)- and its subsidiaries, -Popular Securities, LLC (“PSL”)- and Banco Popular de Puerto Rico (“BPPR”). Tito and Don Félix allege that BPPR through the then President Richard Carrion (and grandson of the founder of Popular), then president of PSL Michael McDonaldand Executive Vice President of BPPR Juan Guerreroand others, conspired to implement a revenge and illegal tied selling prohibited by federal banking laws (12 USC §1972, and following.), which targeted Tito and Don Félix. Popular extended secured lines of credit for $23 million to Trinidads, on the condition that they transfer their investment portfolios, over $48 million, to PSL. This scheme persists and has caused Trinidads combined losses of more than $93,218,292. §1975 provides for treble damages, for which Trinidads seeks losses of more than $279,654,876.

Trinidads further invokes the Court to adjudicate claims relating to: a confidential monetary amount for Popular’s violation of a Confidentiality Policy; $7,102,171.73 due to Popular’s breach of a court order and unlawful partial liquidation of Tito’s warranty; $58,218,292 for losses caused to their combined portfolios; $5 million eachfor mental and emotional suffering; $25 million for Tito and $10 million for Don Félix for damage to their commercial image and reputation; plus an equal amount for punitive damages.

Trinidads asks federal financial institution regulators to focus on what Popular is doing in this matter to end any alleged illegal practices by Popular in Puerto Rico and other global markets where it operates.

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