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 Parent: 
Switzerland
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking & securities
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.