Defendant Name:
UBS AG
Defendant Type:
Public Company
SIC Code:
6021
CUSIP:
H8923133
Document Reference:
33-9961
Document Details
Legal Case Name
In the Matter of UBS AG
Document Name
Order Instituting Cease and Desist Proceedings Pursuant to Section 8A of the Securities Act of 1933, Making Findings and Imposing Remedial Sanctions and a Cease and Desist Order
Document Date
13-Oct-2015
Document Format
Administrative Proceeding
Allegation Type
Securities Offering
Document Summary
On October 13, 2015, the SEC instituted settled cease and desist proceedings against UBS AG. UBS offered and sold to 1,900 retail investors approximately $190 million of medium term notes linked to a proprietary foreign exchange trading strategy called the "V10 Currency Index with Volatility Cap ('V10' or Index)." The SEC alleged that: "UBS engaged in three types of conduct that were undisclosed to investors - taking unjustified markups, engaging in hedging trades with non-systematic spreads and trading in advance of certain hedging transactions - that negatively impacted or, in the case of trading before hedging transactions, had the potential to negatively impact, pricing inputs used to calculate the V10."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Monetary Penalties:
Disgorgement
Individual:
$10,000,000.00
Shared:
Civil Penalty
Individual:
$8,000,000.00
Shared:
Pre-Judgment Interest
Individual:
$1,500,000.00
Shared:
