Defendant Name: UBS Financial Services Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2014-246-UBS Financial

Document Details

Legal Case Name In the Matter of UBS Financial Services Inc.
Document Name SEC Sanctions 13 Firms for Improper Sales of Puerto Rico Junk Bonds
Document Date 03-Nov-2014
Document Format Administrative Proceeding
File Number 3-16239
Allegation Type Municipal Securities & Public Pensions
Document Summary On November 3, 2014, the SEC announced that it "sanctioned 13 firms for violating a rule primarily designed to protect retail investors in the municipal securities markets." The SEC further stated: "In its surveillance of trading in the municipal bond market, the SEC Enforcement Division's Municipal Securities and Public Pensions Unit detected improper sales below a $100,000 minimum denomination set in a $3.5 billion offering of junk bonds by the Commonwealth of Puerto Rico earlier this year." According to the SEC: "The enforcement actions are the SEC's first under Municipal Securities Rulemaking Board (MSRB) Rule G-15(f), which establishes the minimum denomination requirement."

Disgorgement & Penalty Information

Resolutions
Censured
Other Compliance Related Undertaking

Related Documents:

34-73505 03-Nov-2014 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 15(b), 15B(c)(2) and 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On November 3, 2014, the SEC instituted settled administrative and cease-and-desist proceedings against UBS Financial Services Inc. According to the SEC: "These proceedings involve the sale of non-investment grade of 'junk' bonds issued by the Commonwealth of Puerto Rico ('Puerto Rico') by UBS, a registered broker-dealer and municipal securities dealer, to customers in amounts below the minimum denomination of the issue."