Tuesday, 21 April 2015
Last updated 11 hours ago
Nov 19 2010 | 6:40am ET
UBS has settled charges stemming from its “hedge fund hotel” in Boston.
The Swiss bank will pay $100,000 to end the investigation by Massachusetts regulators. UBS Securities was accused of offering posh office space in Boston’s financial district to hedge funds at less than half the market rate in exchange for their business. Those that didn’t funnel business to UBS were essentially evicted, Massachusetts Secretary of the Commonwealth William Galvin said.
UBS lacked written notices of agreement, according to Galvin, which are required by Massachusetts law.
UBS has also agreed to hire a consultant to review its disclosure policies and practices.
Galvin has been investigating hedge fund hotels for eight years. He said UBS’ practices were widespread among other banks and in other cities.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…