UBS To Pay $33.5M Over Probes Of Puerto Rico Fund Sales
Law360, New York (September 29, 2015, 1:33 PM EDT) -- Wall Street regulators on Tuesday slammed a UBS affiliate in Puerto Rico with orders to pay $33.5 million to settle claims that it failed to supervise a representative who allegedly misled investors into using borrowed money to buy up closed-end bond funds offered by the broker-dealer.
According to the SEC, a representative for a UBS affiliate in Puerto Rico engaged in a $2.8 million scheme by misleading investors. (Credit: AP) Claims were brought by the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority. The SEC separately sued Jose G. Ramirez Jr., accusing him of duping investors on the...
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