Defendant Name: UBS Financial Services Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: UBS Group AG
SIC Code: 6021
CUSIP: H4209710

Initial Case Details

Legal Case Name In the Matter of UBS Financial Services, Inc.
First Document Date 27-Oct-2017
Initial Filing Format Administrative Action
File Number 3-18270
Allegation Type Broker Dealer

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)

Resolutions

First Resolution Date 27-Oct-2017
Headline Total Penalty and Disgorgement $3,500,000

Related Documents:

33-10433 27-Oct-2017 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A Of The Securities Act of 1933, Section 15(b) of the Securities Exchange Act of 1934, and Section 203(e) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
According to the SEC: "UBS disadvantaged certain retirement plan and charitable organization brokerage customers ("Eligible Customers")1 by failing to ascertain that they were eligible for a less expensive share class, and recommending and selling them more expensive share classes in certain open-end registered investment companies ("mutual funds") when less expensive share classes were available. "
33-10433-s 27-Oct-2017 Administrative Summary
SEC Charges UBS in Connection with Mutual Fund Sales to Retirement and Charitable Accounts
According to an release issued on October 27, 2017: "the SEC announced that UBS Financial Services Inc. (UBS), a registered broker-dealer and investment adviser located in New York,New York,agreed to settle charges that it failed to provide certain retail retirement and charitable brokerage accounts with sales charge waivers and/or lower fee share classes when selling certain mutual funds."