UBS Unit Shells Out $27M To Quell SEC's Mutual Fund Claims

Law360, New York (May 1, 2012, 10:17 PM EDT) -- UBS Financial Services Inc. of Puerto Rico on Tuesday agreed to pay $26.6 million to settle the U.S. Securities and Exchange Commission's allegations that the firm sold closed-end mutual funds to investors without disclosing that it was propping up a secondary market for the funds.

The settlement was announced the same day that the SEC launched administrative proceedings against UBS Puerto Rico and two of its executives for allegedly failing to tell investors about liquidity problems and masking its control of the secondary market for 23...
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