UBS To Pay $33.5M Over Probes Of Puerto Rico Fund Sales

Law360, New York (September 29, 2015, 1:33 PM ET) — 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….

Source: Law360

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