UK Fines UBS $13.2M Over Unauthorized Trades

By Christopher Norton

Law360, New York (November 05, 2009, 5:41 PM ET) -- The chief U.K. financial regulator has slapped UBS AG with a fine of £8 million ($13.2 million) for failing to keep employees from carrying out unauthorized foreign exchange and precious metals transactions with customers’ money.

The fine, the third-largest ever levied by the agency, came in response to systems and controls failures that enabled four employees to carry out unauthorized transactions involving customer money on at least 39 accounts, the U.K. Financial Services Authority said Thursday.

UBS agreed to settle at an early stage of the...
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