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September 29, 2015

Posted  January 28, 2016

UBS Financial Services Inc. of Puerto Rico (UBSPR) will pay $15 million to settle charges of failing to supervise a former broker who had customers invest in UBSPR affiliated mutual finds using money borrowed from a UBSPR affiliated bank.  The SEC alleged that UBSPR and the bank prohibited using such loans to purchase securities and the practice exposed investors to losses while producing profits for the former UBSPR broker.  SEC

Tagged in: Regulatory Violations, Securities Fraud,