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Puerto Rico unit of UBS pays SEC settlement

Puerto Rico unit of UBS pays SEC settlement

The U.S. Securities and Exchange Commission says UBS Financial Services Inc. of Puerto Rico has agreed to pay $26.6 million to settle allegations that the brokerage firm and two of its executives misled investors.
An SEC statement Tuesday says UBS agreed to the settlement without admitting or denying the findings of an investigation into the way it marketed and sold investments in its closed-end mutual funds. The SEC says UBS failed to tell investors that the company controlled the secondary market for the investments and used that control to prop up market prices.
Under the settlement, UBS Puerto Rico has agreed to return $11.5 million in improper revenue, $1.1 million in interest and a penalty of $14 million. The money will be placed into a fund for harmed investors.


Updated : 2021-04-20 00:11 GMT+08:00