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, including insufficient monitoring and failure to investigate flagged trades, resulting in over 1,986 trades that earned the firm $2.65 million in sales concessions. Meanwhile, Moomoo Financial Inc. agreed to 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.
