The Securities and Exchange Commission today charged UBS Financial Services Inc. (UBS) with fraudulently rigging at least 100 municipal bond reinvestment transactions in 36 states and generating millions of dollars in ill-gotten gains.
To settle the SEC’s charges, UBS has agreed to pay $47.2 million that will be returned to the affected municipalities. UBS and its affiliates also agreed to pay $113 million to settle parallel charges brought by other federal and state authorities.
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Wednesday, May 4, 2011
SEC Charges UBS with Fraudulent Bidding Practices Involving Investment of Municipal Bond Proceeds
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