Sunday, January 22, 2006

UBS Fined $49.5 Million For Market Timing Failures

The market timing fines keep on coming against the major brokerage firms. The NYSE finded UBS Financial Services a total of $49.5 million for failure to supervise deceptive market-timing activities engaged in by brokers, failure to establish appropriate procedures for supervision and control, and failure to maintain adequate books and records.

The fine is a result of a joint proceeding brought by the State of New Jersey's Bureau of Securities and the Exchange for the activities of the firm's brokers during 2000 and 2001, and the fine.

Only 18 million of the 49 million will be used to compensate UBS customers. The balance will go to the State and the Exchange.
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