UBS settles case over unlicensed sales assistants

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Sales assistants were also not adequately supervised, said regulators.

Bloomberg News reports that UBS will pay $4.58m to settle an investigation by regulators into whether its sales assistants were licensed in states where they did business.

UBS’s 'client service associates' took orders without having the required state registrations, according to a statement today by the New Jersey Bureau of Securities, which said it led the case. The bank didn’t admit or deny the allegations.

UBS’s sales assistants also weren’t adequately supervised, New Jersey regulators said. Bank of America Corp.’s Merrill Lynch brokerage settled a similar state investigation in 2009.

To access the complete Bloomberg article hit the link below.

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