UBS Financial Services Inc. has agreed to pay the New York Stock Exchange, New Jersey and Connecticut $55 million to settle allegations that it failed to properly supervise brokers who engaged in deceptive market-timing activities, the New Jersey attorney general announced Thursday. Regulators and the mutual fund industry have been cracking down on market-timing, a practice in which investors sell shares in funds just before or after the close of trading when it's likely that those shares would lose value.
January 13, 2006 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
UBS Financial Services Inc. has agreed to pay the New York Stock Exchange, New Jersey and Connecticut $55 million to settle allegations that it failed to properly supervise brokers who engaged in deceptive market-timing activities, the New Jersey attorney general announced Thursday.
Under the settlement, UBS will split the bulk of the payment — $49.5 million — between New Jersey and the New York Stock Exchange. Connecticut will receive $5.5 million, the company said in a statement Thursday.
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