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LuxAlpha Madoff victims barred from suing UBS

March 5th, 2010

Before You Invest

Victims of Ponzi fraudster Bernard Madoff who invested in the LuxAlpha fund have been told they can not sue UBS, the bank which helped set up the investment vehicle, a court in Luxembourg has ruled.

The ruling was made in a test case involving ten claimants following the filing of more than 100 lawsuits against UBS alleging that it neglected its duties in the management of the fund.

It was ruled that victims must instead seek claims via the liquidators of the fund.

Tatiana Togni, a spokeswoman for the Swiss bank, said: “UBS welcomes the clarification of Luxembourg law as expressed by today’s decisions of the Luxembourg Commercial Court.”

Last month, UBS reported profits levels of $1.1 billion for the final three months of 2009.

Chief executive officer Oswald Gruebel has set the bank an annual target of pre-tax profits of $15 billion – a figure he wishes UBS to achieve by 2014.

Posted in Finance Fraud

Tags: 1 Billion, Bernard Madoff, Chief Executive Officer, Claimants, Clarification, Final Three Months, Fraudster, Investment Vehicle, Lawsuits, Liquidators, Luxembourg, Oswald Gruebel, Spokeswoman, Swiss Bank, Target, Tatiana, Tax Profits, Test Case, Ubs, Ubs Bank

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FINRA Issues Regulatory Notice Aimed at Principal Protected Notes

January 7th, 2010

Before You Invest

FINRA has issued a regulatory notice this month that stresses the need for brokerage firms to disclose the risk to investors in so-called Principal-Protected Notes. The notice, which may be viewed here, cautions firms from overstating the level of protection inherent in this structured product.

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Posted in Finance Fraud

Tags: Arbitration Claims, Bankruptcy Case, Brokerage Firms, Capital Preservation, Case In Point, Credit Worthiness, Financial Industry Regulatory Authority, Guarantor, Investor, Investors, Lehman Brothers, Ppns, Principal Protected Notes, Principal Protection, Protection Feature, Regulatory Notice, Risk, Structured Product, Surprise, Ubs

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UBS Seeks to Thwart Swiss Investors’ Arbitration Attempt

October 22nd, 2009

Before You Invest

UBS Securities filed a lawsuit in the U.S. District Court in Manhattan on Tuesday seeking to thwart an attempted arbitration claim by a group of Swiss investors. The arbitration claim was filed with the Financial Industry Regulatory Authority in relation to alleged losses suffered by the Swiss UBS clients.

The arbitration claim hopes to recover $41 million in damages from UBS in connection with an investment made in a company called HealtheTech Inc.

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Posted in Finance Fraud

Tags: Arbitration, Attempt, Damages, Financial Industry Regulatory Authority, Healthetech, Initial Public, Investors, Losses, Manhattan, Relationship, Swiss, Ubs, Ubs Securities

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Swiss Stock Exchange Probes UBS

September 18th, 2009

Before You Invest

ZURICH — The Swiss exchange said Friday it has opened an investigation into UBS AG for possible breaches of disclosure beginning in 2007, when it started reporting massive write-downs, and on the corporate governance portion of bank’s 2008 annual report.

The investigation, which UBS declined to comment on, will continue for an indefinite period, the SIX Swiss Exchange said. Findings will be made public at a later date, the bourse said.

more at

http://online.wsj.com/article/SB125325709093022311.html

Posted in Finance Fraud

Tags: Annual Report, Bourse, Breaches, Corporate Governance, Disclosure, Indefinite Period, Probes, Swiss Exchange, Swiss Stock Exchange, Ubs, Ubs Ag, Ubs Zurich, Wsj

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UBS and US government reach tax dispute deal

August 13th, 2009

Before You Invest

UBS has reached an agreement with the US government that will result in the Swiss bank settling a dispute over tax evasion out of court.

Stuart Gibson, US justice department lawyer, said that both parties have settled on the details of a contract.

However, Mr Gibson added that it will “take a little time for the agreements to be signed in final form”.

Details of the arrangement, such as how many names of the US customers that hold offshore accounts at UBS will be revealed to the government, were not divulged.

Florida-based tax lawyer William Sharp told the Associated Press that it is unlikely that such a move would have been made without a “substantial handover” of details.

He predicted that “at least several hundred, if not thousands” of names have been supplied to the authorities.

Shares in UBS fell earlier this week due to the ongoing negotiations, but have now rebounded on the news.

Posted in Finance Fraud

Tags: Authorities, Florida Lawyer, Florida Tax, Handover, Justice Department Lawyer, Little Time, Many Names, Mr Gibson, Negotiations, Offshore Accounts, Shares, Stuart Gibson, Swiss Bank, Tax Dispute, Tax Evasion, Tax Lawyer, Ubs, Us Justice Department, William Sharp

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Leveraged ETF’s

August 6th, 2009

Before You Invest

Many investors don’t fully understand how these vehicles work. Leveraged ETFs are designed to deliver some multiple of the daily performance of whatever underlying index the ETF tracks. But over time, daily movements in the underlying index can create losses for those who hold shares over longer periods of time — even if the index rises on the whole.

Regulators recently voiced concern over the sustainability of these investment vehicles as long-term investments.

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Posted in Finance Fraud

Tags: Big Cats, Citigroup, Fidelity, Investment Vehicles, Joint Venture, Leveraged Etf, Leveraged Etfs, Morgan Stanley, Nyse, Regulators, Regulatory Organization, Retail Investors, Schw, Schwab, Smith Barney, Stanley Smith, Term Investments, Trading Session, Ubs, Volatile Markets

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Regulators ask brokerages about inverse, leveraged ETFs

August 4th, 2009

Before You Invest

After Edward D. Jones, Ameriprise Financial, LPL Investment Holdings and UBS Financial Services restricted or suspended sales of leveraged and inverse exchange-traded funds, regulators in Massachusetts are demanding answers about the products. “The concern is that [inverse and leveraged ETFs] are, or can be, very volatile funds, very risky, and that they are being offered to investors who aren’t sophisticated and may not be aware of the risks they are getting into,” said Brian McNiff, a spokesman for Secretary of the Commonwealth William F. Galvin.

more at

http://www.investmentnews.com/apps/pbcs.dll/article?AID=/20090803/REG/908039960

Posted in Exchange Traded Funds (ETFs), Finance Fraud

Tags: Ameriprise, Ameriprise Financial, Brokerages, Edward D Jones, Exchange Traded Funds, Investment Holdings, Investors, Leveraged Etfs, Lpl, Massachusetts, Mcniff, Regulators, Secretary Of The Commonwealth, Spokesman, Ubs, Ubs Financial Services

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UBS Brokerage Suspends U.S. Sales of Leveraged ETFs

July 28th, 2009

Before You Invest

UBS AG’s U.S. brokerage business stopped selling exchange-traded funds that use leverage because the products don’t conform to its emphasis on long-term investing.

UBS Wealth Management Americas suspended sales of inverse and leveraged ETFs immediately, citing the “short-term nature of these securities,” the New York-based brokerage said in a statement today.

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Posted in Exchange Traded Funds (ETFs), Finance Fraud

Tags: Ameriprise, Ameriprise Financial, Ameriprise Financial Inc, Brokerage Business, Edward Jones, Exchange Traded Funds, Financial Industry Regulatory Authority, Individual Investors, Leverage, Leveraged Etfs, Massachusetts Secretary Of The Commonwealth, S Sales, Secretary Of The Commonwealth, State Street Corp, Term Investing, Term Nature, Ubs, Ubs Ag, Ubs Wealth Management, William Galvin

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NH Pursues UBS – Lehman Principal Protected Notes

June 24th, 2009

Before You Invest

Mark Rufo said he thought he had found a “good conservative investment” for his 88-year-old mother when, in 2007, he put $26,000 of her money with UBS Financial Services in Concord.

The Nashua lawyer bought Asian Currency Basket Principal Protected Notes. Asian currencies appeared stable at the time, especially compared with the debacle of a decade earlier.

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Posted in Finance Fraud

Tags: 5 Million, Asian Currencies, Asian Currency, Cease And Desist Order, Conservative Investment, County Superior Court, Currency Basket, Debacle, Derivatives, Lehman Brothers, Merrimack County Superior Court, Old Mother, Principal Protected Notes, Rufo, Securities Regulation, Stock Market, Structured Products, Ubs, Ubs Financial Services, Unethical Business Practices

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New Hampshire Regulatory Action Against UBS Supports Investor Claims Filed by Aidikoff, Uhl & Bakhtiari

June 21st, 2009

Before You Invest

A regulatory action filed by the State of New Hampshire against UBS Financial Services, Inc on June 3, 2009 provides further evidence that investors were mislead by the brokerage firm in connection with the sale of a structured product known as Lehman Brothers Principal Protected Notes (“PPN”).

New Hampshire concluded that, “the methods by which UBS offered and sold the Lehman Brothers structured products to its clients constituted dishonest and unethical business practices,” according to the complaint filed by the Bureau of Securities Regulation.

The nationally recognized securities law firm of Aidikoff, Uhl & Bakhtiari has filed securities arbitration claims against UBS totaling more than $10 Million and is currently investigating others, according to Ryan K.

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