WASHINGTON — It didn't take long for several broker-dealers to start selling small denominations of Puerto Rico $3.5 billion of general obligation bonds to retail investors in violation of a requirement in the official statement and municipal securities rules.

The official statement for the bonds states that the bonds cannot be sold in denominations of less than $100,000 unless one of the three major rating agencies — Standard & Poor's, Moody's Investors Service, or Fitch Ratings — upgrades them to an investment grade rating.

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