Related Documents:
2015-217
29-Sep-2015
Press Release--Administrative Proceeding
SEC Charges UBS Puerto Rico and Two Individuals in Actions Relating to Former Broker's Fraud; UBSPR Reaches $34 Million Settlement with SEC, FINRA
On September 29, 2015, the SEC announced that it, "charged UBS Financial Services Inc. of Puerto Rico ['UBSPR'] and a former branch manager for failing to supervise a former broker who had customers invest in UBSPR affiliated mutual funds using money borrowed from a UBSPR affiliated bank."
34-76013
29-Sep-2015
Administrative Proceeding
Order Instituting Administrative Proceedings Pursuant to Section 15(b) of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions
On September 29, 2015, the SEC instituted settled administrative proceedings against UBS Financial Services Incorporate of Puerto Rico ("UBSPR"). The SEC alleged that: "UBSPR failed reasonably to supervise Jose G. Ramirez Jr. ('Ramirez') with a view to preventing and detecting his violations of the federal securities laws from at least 2011 through 2013. Ramirez, a UBSPR registered representative, made misrepresentations and engaged in a fraudulent scheme involving the use of proceeds of non-purpose lines of credit ('LOC') to purchase securities."
34-77130
12-Feb-2016
Administrative Proceeding
Order Appointing Tax Administrator
On February 12, 2016, the SEC ordered the appointment of Damask and Associates LLP, a certified public accounting firm located in Half Moon Bay, California, as the Tax Administrator for the Qualified Settlement Fund in the matter.
34-77206
23-Feb-2016
Administrative Proceeding
Extension Order
On February 23, 2016, the Commission granted the Division of Enforcement's request for an extension of time until June 7, 2016 to submit a Proposed Plan of Distribution.
34-78002
07-Jun-2016
Administrative Proceeding
Second Extension Order
On June 7, 2016, the Commission granted the Division of Enforcement's request for an extension of time until December 7, 2016 to submit a Proposed Plan of Distribution. According to the SEC: "additional time is needed for the appointment of the fund administrator and to finalize the development of the proposed plan of distribution."
34-79227
03-Nov-2016
Administrative Proceeding
Order Appointing Fund Plan Administrator and Setting Administrator Bond Amount
On November 3, 2016, the SEC ordered appointment of "Rust Consulting, Inc. as the fund plan administrator and requested that the administrator's bond be set at $15,025,000."
34-79513
08-Dec-2016
Administrative Proceeding
Third Extension Order
On December 8, 2016, the SEC granted "the Division of Enforcement's request for an extension of time until April 10, 2017 to submit a Proposed Plan of Distribution."
Proposed Plan of Distribution
According to the SEC: "The Division of Enforcement submits this Proposed Plan of Distribution ("Plan") to the United States Securities and Exchange Commission (the "Commission") pursuant to Rule 1101 of the Commission's Rules on Fair Fund and Disgorgement Plans ("Rules"). The Plan provides for the distribution of funds collected in the above-captioned proceedings to compensate investors harmed by the securities violations of UBS Financial Services Incorporated of Puerto Rico ("UBSPR") ("Respondent")."
34-80535
27-Apr-2017
Administrative Proceeding
Notice of Proposed Plan of Distribution and Opportunity for Comment
According to the SEC: "The Division of Enforcement has submitted to the Commission a proposed plan of distribution (the "Plan") for the distribution of monies paid in the above- captioned matter."
Plan of Distribution
According to the SEC: "The Division of Enforcement submits this Proposed Plan of Distribution ("Plan") to the United States Securities and Exchange Commission (the "Commission") pursuant to Rule 1101 of the Commission's Rules on Fair Fund and Disgorgement Plans ("Rules"). The Plan provides for the distribution of funds collected in the above-captioned proceedings to compensate investors harmed by the securities violations of UBS Financial Services Incorporated of Puerto Rico ("UBSPR") ("Respondent")."
34-85891
20-May-2019
Administrative Proceeding
Order Approving Application of Fund Administrator for Payment of Fees and Expenses and Approval of Future Fees and Expenses
The SEC stated: "[I]t is hereby ORDERED [...] that OFM pay the Fund Administrator's current fees and expenses of $81,146.27 from the Fair Fund."
34-92512
28-Jul-2021
Administrative Proceeding
Order Directing Disbursement of Fair Fund
The Commission ordered that: "Commission staff shall transfer $15,355,456.19 from the Fair Fund to the Fair Fund’s escrow account at The Huntington National Bank, and the Fund Administrator shall distribute such monies to the eligible claimants in accordance with the Plan."
34-96964
22-Feb-2023
Administrative Proceeding
Order Authorizing the Disposition of Funds Remaining in the Fair Fund and Any Funds Returned to the Fair Fund in the Future, Discharging the Fund Administrator, Canceling the Administrator's Bond, and Terminating the Fair Fund
The Commission stated: "The Commission staff has confirmed that the Fund Administrator has completed the distribution process in accordance with the Commission’s orders and, except for the final Tax Administrator invoice, all taxes, fees, and expenses have been paid, and that all monies remaining in the Fair Fund have been received by the Commission."
