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A group of nine investors has been awarded $92.2 million in damages by a Finra arbitration tribunal against UBS Financial Services and one of its advisors, stemming from losses incurred during a short-selling strategy on Tesla shares from September 2019 to July 2020. UBS disputes the ruling, claiming the investors only raised concerns after suffering losses, and plans to seek a court review of the decision, which includes $69.1 million in punitive damages. The investors initiated the proceedings in 2021, alleging that the financial advisor recommended unsuitable positions for their risk profiles.
UBS Financial Services has been ordered to pay $92.2 million to a group of nine investors due to losses from a short selling strategy involving Tesla shares between September 2019 and July 2022. The Financial Industry Regulatory Authority (FINRA) awarded $69.1 million in punitive damages, which UBS disputes, stating it will seek a court review of the arbitration decision.
A Finra arbitration tribunal has awarded nine investors $92.2 million in damages against UBS Financial Services due to losses from a short-selling strategy on Tesla shares between September 2019 and July 2020. The investors claimed that UBS and their financial advisor recommended holding positions that did not align with their risk profiles. UBS plans to contest the decision, arguing that the punitive damages are legally unfounded.
A Finra arbitration tribunal has awarded nine investors $92.2 million in damages against UBS Financial Services due to losses from a short-selling strategy on Tesla shares between September 2019 and July 2020. The investors claimed that UBS and their financial advisor recommended holding positions that did not align with their risk profiles. UBS plans to contest the decision, arguing that the punitive damages awarded are legally unfounded.
UBS Financial Services has been ordered to pay $92.2 million in damages to nine investors after a Finra arbitration found the firm liable for a high-risk trading strategy involving short sales of Tesla shares. The panel awarded $69.1 million in punitive damages, highlighting significant supervisory issues at UBS. The claim, filed in 2021, alleged that financial advisor Andrew D. Burish recommended unsuitable strategies while failing to disclose his own trading activities.
UBS Financial Services Inc. has been fined $1.1 million by FINRA for submitting inaccurate trade data over a six-year period, affecting approximately 4.4 million transactions. The inaccuracies, attributed to coding errors during a system migration, included misreported customer addresses and execution times. UBS has since corrected the issues and enhanced its reporting oversight.
UBS Financial Services Inc. has been fined $1.1 million by FINRA for inaccuracies in reporting transaction information from December 2012 to September 2018. The firm submitted around 17,000 blue sheets that misreported details on approximately 4.4 million transactions, affecting critical fields such as customer addresses and trade execution times. UBS has since remediated the errors and enhanced its supervisory systems to ensure compliance.
UBS Financial Services Inc. has been fined $1.1 million by FINRA for sending over 330 million misleading trade confirmations over a decade, failing to accurately disclose average pricing. Despite being alerted in 2014, UBS took years to address the issue, which persisted until late 2023.Additionally, UBS faced a $500,000 fine and nearly $3.5 million in restitution for inadequate supervision of short-term trading in syndicate preferred stocks, leading to unsuitable recommendations and customer losses. The firm’s lapses allowed representatives to profit while clients suffered financial harm.
UBS Financial Services Inc. has been fined $1.1 million by FINRA for failing to comply with trade confirmation rules over a decade, involving over 330 million confirmations with misleading disclosures about average trade prices. Despite a warning in 2014, UBS did not rectify the issues until November 2024, raising compliance concerns under the Securities Exchange Act of 1934. The firm also faced penalties for inadequate supervisory procedures and accepted the fine without admitting or denying the allegations.
UBS Financial Services Inc. has been fined $500,000 and ordered to pay over $2.98 million in restitution and disgorgement due to inadequate supervision of short-term trading in syndicate preferred stocks, leading to unsuitable recommendations and customer losses. The investigation revealed significant lapses in monitoring and action, resulting in over 1,986 trades that earned the firm substantial commissions while harming clients. Meanwhile, Moomoo Financial Inc. faced a $750,000 fine for misleading social media promotions and privacy violations, having failed to ensure proper oversight of influencer content and customer privacy notices.
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