UBS Fined $850K Over Rep’s Sale Of Unapproved Annuities Via Wire Transfers
July 16, 2024 by Tracey Longo
The Financial Industry Regulatory Authority has censured UBS and fined the bank $850,000 for failing to supervise a registered representative’s sale of unapproved annuities offered by his college friend and business acquaintance.
Finra alleged in its disciplinary letter, released Monday, that UBS failed to create a “reasonably designed” supervisory system to monitor the transfer of customer funds to unapproved third parties. The firm also failed to address red flags related to a rep’s request for numerous wire transfers of client funds to an unapproved annuities company, Finra said.
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