Archive for the ‘UBS Financial’ Category

What the UBS Case Should Mean to You

Wednesday, March 4th, 2009

As you have likely read already, the U.S. Securities and Exchange Commission has fined world-wide financial giant UBS $200 million for acting as an unregistered broker-dealer and investment adviser.  UBS?  Are you kidding me?  How could a firm that big, that well-known, not have followed the most basic of securities regulations?  The answer is in the SEC’s litigation release.  “The U.S. cross-border business provided UBS with revenues of $120 to $140 million per year.” (more…)

SEC Tags Seven with Stupidity Tax

Friday, September 26th, 2008

In the wake of the continuing financial disaster another reminder that a big-name is no guarantee of integrity is probably unnecessary.  We have been warning the investing public of that fact for the past year.  But, a recent enforcement action by the U.S. Securities and Exchange Commission (”SEC”), gives us more evidence to support the conclusion.  The SEC has settled insider trading charges against seven individuals, including two who were professionals working for UBS and Morgan Stanley.  Read more about the case here. (more…)

FINRA Disciplines Five Firms

Tuesday, March 4th, 2008

The Financial Industry Regulatory Authority (FINRA) has disciplined five broker-dealers for “mutual fund sales and supervisory violations.”  The firms all failed to give mutual fund customers commission discounts to which they were entitled.  The five firms are Prudential Securities, Inc., Pruco Securities, Inc., UBS Financial Services, Merrill Lynch, and Wells Fargo.   (more…)

Miami Herald Reporter Reveals Danger of Relying Only On Regulators for Protection

Saturday, March 1st, 2008

Miami Herald Investigative Reporter Dan Christensen has written a story that all baby boomers and seniors should read — about a stockbroker with a troubling disciplinary record who slipped past the regulatory gatekeepers to continue doing business.  Dozens of his clients now accuse him of losing more than $20 million of their retirement assets while piling up big commissions for himself and his firm.  The FBI is investigating.  The broker has filed bankruptcy. (more…)

UBS Broker Charged in Hedge Fund Fraud

Monday, January 21st, 2008

The Securities and Exchange Commission has charged former UBS Financial Inc. stockbroker Justin M. Paperny of Studio City, California with selling interests in a fraudulent hedge fund.  According to the SEC, Paperny sold the GLT Venture Fund, L.P. by telling investors that GLT had access to highly sought after initial public offerings.  Such was not the case.  (more…)