Friday, 27 March 2015
Last updated 10 min ago
Oct 26 2011 | 10:55am ET
UBS yesterday agreed to pay $12 million to settle allegations that it failed to supervise short-selling by its own traders as well as its hedge fund clients.
According to the Financial Industry Regulatory Authority, UBS failed to verify that the shorts were not naked—that is, that the hedge funds could actually cover their shorts. It also incorrectly classified some of the trades as long bets.
There were likely "tens of millions" of such improperly-processed short-sales during the period.
UBS did not admit or deny wrongdoing, saying that it was "pleased to have resolved this matter."
FINRA said that UBS failed to update its short-selling compliance system for four years after the self-regulatory organization imposed new rules in 2005. Even then, UBS' "systematic supervisory failure" continued into last year.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
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…