UBS Financial Services Inc. has agreed to pay $10 million to settle charges brought by the U.S. Securities and Exchange Commission (‘SEC”) that UBS circumvented the priority given to retail investors for certain municipal bond offerings.
Tagged with "UBS"
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UBS Sues Former Advisor
Posted on June 11th, 2020 at 4:22 PM
UBS Wealth Management USA has filed a lawsuit against former advisor, Alexandra VanMeurs. After 13 years at UBS, VanMeurs left the firm in May to join Morgan Stanley. UBS is seeking to enjoin VanMeurs from calling clients she serviced at UBS. Although such lawsuits are not uncommon in the industry, the case has an interesting twist.
UBS Sued for Alleged Failure to Supervise Fraud
Posted on May 29th, 2020 at 11:40 AM
UBS has been sued by two theater production companies, Player to be Named Later and Smokey Joe’s Café Broadway Revival, which alleged that the bank’s negligence allowed the theater companies to be defrauded. According to the Complaint filed in federal court, UBS breached its fiduciary duty and was guilty of negligent supervision.
FINRA Orders UBS to Pay Over $11 Million in Defamation Case
Posted on December 17th, 2019 at 2:54 PM
The Financial Industry Regulatory Authority (“FINRA”) ordered UBS Financial Services Inc. to pay more than $11 million to a former supervisor who claimed the firm defamed him in explaining his departure.
UBS Pays $1.5 Million Gender Discrimination Award to Ex-Broker
Posted on November 14th, 2019 at 11:46 AM
A former star broker at UBS Group AG won a more than $1.5 million arbitration award after she alleged gender discrimination against her former employer and its Boston-based branch manager.
FINRA’s Ten Largest BD Arbitration Awards in 2019
Posted on October 16th, 2019 at 2:29 PM
As the year comes to an end, ThinkAdvisor has released the Financial Industry Regulatory Authority’s (FINRA’s) 10 largest broker-dealer (BD) arbitration awards in 2019. They are, in order from highest to lowest:
Disappearing Covenants In The Age Of Private Equity
Posted on June 6th, 2019 at 12:08 PM
Bloomberg has published an article entitled, “The Birth and Death of Covenants.” The article highlights the latest trend in the tug of war between private equity firms and lenders. That trend is to agree to weaker and fewer covenants, which generally make it easier for private equity firms and other equity investors to divest assets and possibly keep such assets out of the reach of lenders.
HighTower Advisors to Exit Broker Protocol
Posted on May 14th, 2019 at 4:02 PM
HighTower Advisors has announced that the $50 billion RIA will exit the Broker Protocol. HighTower’s exit follows the departure of Morgan Stanley and then UBS in late 2017.
Trim the Fat: UBS Constraints on New Banking Hires
Posted on May 7th, 2019 at 4:19 PM
After one of the worst first quarters in the recent history of UBS, the wealth management group is now experiencing a significant downsize. How significant? UBS now has to cut nearly $300 million in costs for a chance at recovery.
Regional Firms Are Becoming More Attractive as Wirehouses Lose Competitive Edge
Posted on April 1st, 2019 at 11:56 AM
Recently, regional firms such as Raymond James, Stifel, Ameriprise, and Janney Montgomery Scott have become a favored destination for many successful wirehouse advisors who have transitioned away from the wirehouses.
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