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 30-Sep-2015
Initial Filing Format Administrative Action
File Number 3-16871
Allegation Type Municipal Securities & Public Pensions

Violations Alleged

Securities Act
• Sec 17(a)(2)

Resolutions

First Resolution Date 30-Sep-2015
Headline Total Penalty and Disgorgement $480,000

Related Documents:

2015-220-UBS Financial 30-Sep-2015 Press Release--Administrative Proceeding
SEC Sanctions 22 Underwriting Firms for Fraudulent Municipal Bond Offerings
On September 30, 2015, the SEC announced settled enforcement actions against 22 municipal underwriting firms for violations in bond offerings. According to the SEC: "The actions are the second round of filings against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, a voluntary self-reporting program targeting material misstatements and omissions in municipal bond offering documents."
33-9937 30-Sep-2015 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933 and Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On September 30, 2015, the SEC instituted settled administrative and cease-and-desist proceedings against UBS Financial Services Inc. According to the SEC: "This matter involves violations of an antifraud provision of the federal securities laws in connection with Respondent's underwriting of certain municipal securities offerings. Respondent, a registered broker-dealer, conducted inadequate due diligence in certain offerings and as a result, failed to form a reasonable basis for believing the truthfulness of certain material representations in official statements issued in connect with those offerings. This result in Respondent offering and selling municipal securities on the basis of materially misleading disclosure documents." The SEC's action was part of the Division of Enforcement's Municipalities Continuing Disclosure Cooperation Initiative.