The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.nasd-law.com
announced today that it continues to investigate UBS Financial Services
(UBS) in connection with the sale of senior unsecured notes, issued by
affiliated banks of parent company UBS AG (NYSE:UBS). In response to a
Securities Exchange Commission (SEC) Cease
and Desist Order, UBS AG submitted an Offer of Settlement which
included payment of $19.4 million for violations of securities laws
related to the issue and sale of senior unsecured notes linked to the
V10 Currency Index. According to the SEC, “The V10 was a proprietary
index, developed and sponsored by UBS that measured the performance of a
hypothetical algorithmic trading strategy designed to identify and
exploit trends in G10 foreign exchange forward rates.”
According to yesterday’s SEC
press release, “Between December 2009 and November 2010
approximately 1,900 U.S. investors bought approximately $190 million of
structured notes linked to the V10 index.” As a part of the settlement
offer, UBS agreed to refrain from similar future violations and pay
“disgorgement and prejudgment interest of $11.5 million” and to pay “a
civil monetary penalty of $8 million.”
Klayman & Toskes, P.A. is investigating UBS’ sales practices related to
senior unsecured notes
linked to UBS V10 Currency Index. UBS’ violations of FINRA sales
practices may include misrepresentations
and omissions of material facts, conflicts
of interest, unsuitable
investment advice, securities
concentration or the failure
to supervise its financial advisors. Our investigation relates to
investments in UBS senior unsecured notes issued by affiliated banks
that are designed to track the UBS V10 Currency Index.
About Klayman & Toskes, P.A.
Klayman & Toskes, P.A. is an experienced, qualified and nationally
recognized securities litigation law firm, investigating UBS FINRA
sales practice violations related to the sale of its proprietary UBS
V10 Currency Index Linked Notes. Investors who have knowledge or
experience related to the sales practices of UBS and its financial
advisors’ recommended investments in UBS V10 Currency Index Linked
Notes, contact Steven D. Toskes, Esq. at 888-997-9956.
Destination: http://nasd-law.com/the-securities-arbitration-law-firm-of-klayman-toskes-pa-continues-to-investigate-ubs-v10-enhanced-fx-carry-strategy-notes-following-ubs-settlement-with-sec-for-19-4-million-in-fines-and-sanction/
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