UBS Pays $70K to Settle Del. Securities Violation - WBOC-TV 16, Delmarvas News Leader, FOX 21 -

UBS Pays $70K to Settle Del. Securities Violation


WILMINGTON, Del. (AP)- Delaware officials say UBS Financial Services has paid more than $70,000 to the state's justice department after a multi-state investigation found state securities law violations.

Attorney General Beau Biden announced this week that the settlement resolves an investigation that found that UBS failed to ensure that agents were properly registered in Delaware and other states. UBS will pay $4.58 million in civil penalties across the country.

UBS functions as a broker-dealer in Delaware, but the investigation found that a flaw in its order entry system allowed agents not registered in Delaware to accept orders from investors in the state.

Biden says the flaw wasn't noticed for six years and similar practices were used in other states.

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