UBS Wealth Management USA has agreed to pay $3.5 million to settle allegations of inadequate supervision over brokers' short-term trading in syndicate preferred stock. The settlement includes a censure, $2.65 million in disgorged commissions, a $500,000 fine, and nearly $344,000 in customer restitution. From 2017 to 2018, UBS brokers recommended almost 2,000 unsuitable trades, violating regulatory rules by failing to establish proper supervisory procedures.