UBS Pays $4.6M To End Probe Of Unregistered Sales Staff

Law360, New York (August 26, 2013, 3:14 PM EDT) -- UBS AG has agreed to pay $4.6 million to settle allegations that it employed sales assistants who accepted orders from clients without first registering with state securities regulators, the New Jersey Bureau of Securities announced Monday.

The New Jersey agency, which led the multistate probe, said the settlement would be divided among the 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. A consent order said UBS had employed client services associates, or CSAs, who accepted orders without being registered with the...
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