Posts Tagged ‘Ubs’

1861 Capital Investigation Continues…

Aidikoff, Uhl & Bakhtiari announces an investigation into the 1861 Capital Management municipal arbitrage funds sold by UBS and other broker dealers. The 1861 Capital funds imploded in February 2008, causing catastrophic losses to investors. “1861 municipal arbitrage funds were marketed to clients as a fixed income product producing a couple of extra points above municipal bonds,” according to Philip M.

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UBS Hit With $81 Million Auction Rate Securities Award By FINRA Arbitration Panel

A FINRA arbitration panel ordered UBS AG on Tuesday to pay $81 million in hurts to a Bethesda, Maryland-based cellphone marketer that bought auction-rate securities through the U.S. brokerage.FINRA documents posted online showed a panel comprised of three public arbitrators ordered to pay the hurts to Kajeet Inc, which bought student-loan auction-rate securities that lost value during the credit crisis.Kajeet, which sells pay-as-you-go cell phones aimed at children, had claimed $110 million in losses.State and federal regulators have forced UBS to repurchase $22.7 billion of auction rates from individual investors. The Securities and Exchange Commission continues to investigate the role of individual executives at the firm.In March, UBS agreed with a coalition of state securities regulators to buy up to $200 million in auction-rates from investors not covered by the initial agreement.

UBS re-Files Highland Capital CDO Case

UBS is re-filing its lawsuit against distressed hedge fund firm Highland Capital claiming the firm did the Swiss bank out of $686 million in a CDO deal. The new case, filed Monday in New York State court, is reminiscent of the SEC’s case against Goldman Sachs over a CDO deal gone terrible.

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Authorities look into whether large banks misled investors

Federal prosecutors are working with the Securities and Exchange Commission to look into whether some major banks, including Morgan Stanley, Deutsche Bank, UBS, JPMorgan Chase and Citigroup, might have misled investors regarding their role in collateralized debt obligations, a source said. Prosecutors reportedly are in the early stages of gathering evidence but have not issued subpoenas or started outlining potential cases.http://online.wsj.com/article/SB10001424052748704247904575240783937399958.html

BNY Mellon unit faces Bernie Madoff-related fraud charges

A division of Bank of New York (BNY) Mellon has been hit with fraud charges related to investments tied to disgraced Ponzi scheme fraudster Bernie Madoff.Ivy Investment Management has been made subject to charges from New York’s attorney general office, which published a 50-page civil complaint against the BNY Mellon unit.It is alleged that Ivy Investment Management chose in 1998 that it should no longer place any of it clients’ money with Madoff, after concluding that he was not investing the funds in the way they were advertised to investors, reports the Financial Times.But, the company is then said to have chose it did not wish to lose its fee incomes from clients with investments with Madoff and as a result took no action to inform investors of its concerns.Between 1998 and 2008, Ivy Asset Management made around $40 million in client fees tied to Madoff vehicles, the complaint alleges.When Madoff’s multi-billion dollar Ponzi scheme was uncovered that year, Ivy Asset Management customers lost $227 million between them.Andrew Cuomo, New York’s attorney general, said: “Ivy and its former co-principals saw the distress with Madoff coming around the bend, but instead of guiding their clients through the financial waters, they sold them down the river.”They shamelessly profited off of their own clients’ impending misfortune and we are holding them accountable for their actions.”BNY Mellon, which took over Ivy in 2000, said it intends to defend itself against the allegations and stated that most of those with money in the Madoff vehicles were professional investors who had enough experience to make their own decisions.In March, a court in Luxembourg ruled that victims of Madoff who had money in the LuxAlpha investment fund could not sue UBS.The bank had helped set up the fund but the court told investors who were aiming to make claims against UBS for neglecting its management duties that they should instead seek redress via the liquidators of LuxAlpha.

Morgan Stanley pays $14 million oil-trading fine

WASHINGTON — In another black eye for Wall Street, the Commodity Futures Trading Commission late Thursday announced a $14 million fine against Morgan Stanley Capital Group Inc. to settle accusations of hiding its complex oil trades.The settlement, in which Morgan Stanley did not admit or deny the accusations, comes as oil prices have continued their steady upwards march and have some oil analysts again saying that excessive speculation is again pushing up energy prices.

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Global head of equities at UBS quits

Daniel Coleman, the global head of equities for UBS, has resigned from his post after 24 years with the Swiss bank, it has been reported.News of his departure was circulated via an internal memo at UBS, which was then leaked to the media.While Mr Coleman is to stay on at the bank “for the next few months” in an advisory capacity, his chief duties have been handed over to Neal Shear, global head of securities at UBS.One unnamed executive at the Swiss firm told the Financial Times: “Clearly it is sad that Daniel is leaving but after such a long time it is understandable that he want to go on.”Last year was a hard one for the company, in which it cut staff levels by 16 per cent in an attempt to return to profitability.The job cuts eventually paid off, with UBS reporting a $1.1 billion profit in the final quarter of 2009.

Swiss bank UBS AG agreed to pay $780 million and hand over information for about 4,500 accounts to settle civil and criminal charges against it.

Swiss bank UBS AG agreed to pay $780 million and hand over information for about 4,500 accounts to settle civil and criminal charges against it.The agency reported a 13 percent rise in the number of probes the government calls “legal source” crimes. This is income from a legal business in which the income was masked or otherwise hidden. Convictions were up slightly for these crimes.There was also a 13 percent jump among what the government calls illegal-source financial crimes, those funds from sources such as gambling or gun-running, excluding narcotics.There was a slight drop in initiation of narcotics-related crimes.The IRS ran a voluntary amnesty program that finished last year that yielded about 15,000 new taxpayers coming clean with the government.Authorities say they are culling this information to potentially go after other individuals and other financial institutions that may have been helping Americans evade taxes.

LuxAlpha Madoff victims barred from suing UBS

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.

FINRA Issues Regulatory Notice Aimed at Principal Protected Notes

FINRA has issued a regulatory notice this month that stresses the need for brokerage firms to tell 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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