In a statement, SEC Division of Enforcement Public Finance Abuse Unit Chief LeaAnn Gaunt, said, “Retail order periods are intended to prioritize retail investors’ access to municipal bonds and we will continue to pursue violations that undermine this priority.”
UBS offered to settle with the SEC without admitting or denying the allegations against it. As part of the settlement, the Swiss financial services firm agreed to a cease-and-desist order that finds it violated disclosure, fair dealing, and supervisory provisions of the MSRB, particularly rules G-11(k), G-17, and G-2.
UBS also consented to the order that finds it failed to reasonably supervise its registered representatives within the meaning of Section 15(b)(4)(E) of the Securities Exchange Act of 1934.
UBS representatives settle with SEC, to pay civil penalties
In related cases, UBS registered representatives William Costas and John Marvin offered a settlement with the SEC to resolves allegations. They consented to the Commission’s order requiring them to pay civil penalties, disgorgement, and prejudgment interests.
