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The Securities and Exchange Commission today announced settled charges against broker-dealer UBS Financial Services Inc. for failing to report suspicious transactions in customer accounts. UBS agreed to pay a $5 million civil penalty to resolve the SEC’s charges, and separately agreed to pay $10 million to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) […]
Attorneys are providing notice of their investigation of UBS Financial Services, Inc. (“UBS”) for possible sales practice violations, including but not limited to failing to disclose material risks associated with its ETRACS product. ETRACS Exchange Traded Notes are senior, unsecured, unsubordinated debt securities that are designed to track the total return of a specific market […]
The firm is investigating the sale of the Yield Enhancement Strategy (“YES”) recommended by financial advisors to UBS customers. The investigation focuses on UBS sales practices and representations made in connection with the recommendation of the UBS YES program for fixed income customers. UBS’s Yield Enhancement Strategy (“YES”) reportedly had over $5 billion under management […]
On September 28, 2016, the U.S. Securities & Exchange Commission announced that it had imposed severe monetary penalties on UBS Financial Services in connection with the firm’s activities involving nearly $10.7 billion of stock-linked reverse convertible notes (“RCNs”) that had been sold to approximately 44,000 customer accounts between 2011 and 2014. (“In the Matter of […]
The firm continues to investigate the sales practices of Wall Street firms in recommending bond funds to its clients. This investigation is crucial as it highlights the potential risks associated with the financial products being sold to investors, particularly in the volatile market of Puerto Rican municipal bonds. Many investors may not fully understand the […]