The Securities and Exchange Commission announced that two UBS advisory firms agreed to settle charges relating to their failing to disclose a change in investment objective of a close-end fund, UBS Willow Fund LLC, which they advised. Both firms agreed to collectively pay $17.5 million, $13 million of which will be returned to harmed investors.
We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.