UBS Puerto Rico Unit To Pay $26.6 Million To Settle Fraud Charges | Fox Business:
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UBS AG's (UBS, Z.UBS) Puerto Rico unit agreed to pay $26.6 million to settle fraud charges leveled by the U.S. Securities and Exchange Commission against the financial services unit and two of its executives.
UBS Financial Services Inc. of Puerto Rico vice chairman and former chief executive Miguel A. Ferrer, and its head of capital markets Carlos J. Ortiz, had been accused of misleading investors, concealing a liquidity crisis and masking control of the secondary market for 23 proprietary closed-end mutual funds.
Read more: http://www.foxbusiness.com/news/2012/05/01/ubs-puerto-rico-unit-to-pay-266-million-to-settle-fraud-charges/#ixzz1tlmQe14D