Violation Tracker Individual Record
Company:
UBS Financial Services Incorporated of Puerto Rico
Current Parent Company:
UBS
Penalty:
$18,500,000
Year:
2015
Date:
September 29, 2015
Offense Group:
financial offenses
Primary Offense:
investor protection violation
Secondary Offense:
financial institution supervision failures
Violation Description:
The Financial Industry Regulatory Authority censured and fined UBS Financial Services Incorporated of Puerto Rico (UBS PR) $7.5 million for supervisory failures related to the suitability of transactions in Puerto Rican closed-end fund (CEF) shares. In addition, FINRA ordered UBS PR to pay approximately $11 million in restitution to 165 customers who were forced to realize losses on their CEF positions.
Level of Government:
federal
Action Type:
agency action
Agency:
Financial Industry Regulatory Authority
Civil or Criminal Case:
civil
HQ Country of Parent:
Switzerland
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
banking & securities
Notes:
FINRA is a securities industry self-regulatory body authorized by the federal government.
Source Notes:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
