Violation Tracker Individual Record

Company: 
UBS Financial Services, Inc. and UBS Securities LLC
Current Parent Company: 
UBS
Penalty: 
$35,000,000
Year: 
2008
Date: 
May 7, 2008
Primary Offense: 
toxic securities abuses
Secondary Offense: 
False Claims Act and related
Violation Description: 

UBS agreed to return the funds invested by various Massachusetts town, cities and government entities in Auction Rate Securities. This was in settlement of allegations UBS misled the investors that the securities were permissable investments under Massachusetts law.

Level of Government: 
state
Action Type: 
agency action
Agency: 
Massachusetts Attorney General
Civil or Criminal Case: 
civil
Facility State: 
Massachusetts
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.