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UBS to Pay $850K Fine Over Rep's Unapproved Third-Party Sales
News July 09, 2024 at 10:53 AM
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What You Need To Know
- UBS failed to supervise a rep who sold a purported fixed annuity offered by an entity formed by his college friend.
- The rep sold the product to at least 30 UBS clients, who lost most or all of their investments, according to FINRA.
- UBS has paid the affected clients more than $17 million in restitution.
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