State gets settlement funds from UBS for securities law violations
by MBJ Staff
Published: October 22,2013
JACKSON — The state of Mississippi has received $60,302 in settlement funds after a multi-state investigation found UBS Financial Services violated state securities laws.
Conducted by the North American Securities Administrators Association (NASAA), the investigation revealed several UBS employees sold securities without properly registering with the state.
“UBS has acknowledged the need to modify its procedures,” says Secretary of State Delbert Hosemann. “I appreciate their efforts to implement corrective actions.”
UBS has agreed to require all client service associates obtain the necessary licenses and comply with state registration requirements. The company has also enhanced its computerized order system to automatically validate the person entering the order is properly registered to sell securities in the state where the client lives.
All 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands will receive a portion of the approximately $4.6-million settlement.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Study: Mississippi has highest sales tax rate in U.S.
- Family launches Billups Coffee with headquarters in Oxford
- Chris McDaniel responds to radio show audio clip
- Running luxury car dealerships, like Mercedes of Jackson, comes naturally to Trudy Higginbotham Moody
- ‘Just the beginning’ — Venture Technologies merging, acquiring companies
- Mississippi State makes NSF ranking of research universities
- Chaney drops lawsuit against National Flood Insurance Program
- Sawtimber, pulpwood markets improving, but challenges remain
- Hood joins other AGs in efforts to curb copper theft
- Entergy gives $500K grant to The Nature Conservancy