UBS Unit Will Pay $5.3M To Settle SEC Suit

Law360, New York (June 3, 2013, 6:47 PM EDT) -- UBS O'Connor LLC agreed Monday to pay $5.3 million to settle U.S. Securities and Exchange Commission allegations that one of the hedge fund's units purchased equity securities even though a different unit had given directions to short the security.

The SEC said its administrative proceeding against O'Connor arose out of alleged violations of agency regulations that makes it unlawful for a person to purchase equity securities from an underwriter, broker or dealer participating in a public offering if that person shorts that same security during a...
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