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Violation Tracker Individual Record

Company: UBS Financial Services Inc.
Current Parent Company: UBS
Penalty: $5,500,000
Year: 2007
Date: April 16, 2007
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: UBS Financial Services agreed to pay a $1.5 million fine, $1.25 million to the Connecticut Department of Education, $1 million to the Connecticut Department of Higher Education, $1.5 million to the Connecticut Department of Social Services, all for promotion of financial literacy, and $250,000 to the National White Collar Crime Center, in settlement of allegations it failed to supervise its agents, allowing them to engage in Market Timing, a prohibited practice of trading in mutual funds to exploit pricing inefficiencies.
Level of Government: state
Action Type: agency action
Agency: Connecticut Securities and Business Investments Division
Civil or Criminal Case: civil
Facility State: Connecticut
HQ Country of Current Parent: Switzerland
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.