Banks

SEC hits UBS with $8 million fine after a complex VIX-linked product burned investors

2 monthes ago   |   By Business Insider

Carl Court/Getty Images
UBS has reached an $8 million settlement with the SEC for failing to protect investors in an exchange traded product.
The VXX ETP disclosed in its prospectus that, historically speaking, it doesn't generate returns in the long run, instead profiting from short bouts of volatility.
A lack of restrictions led some UBS financial advisors to buy VXX for clients for extended periods, sometimes over a year.
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Switzerland's UBS has reached an $8 million settlement with the SEC after it failed to...
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SEC hits UBS with $8 million fine after a complex VIX-linked product burned investors

SEC hits UBS with $8 million fine after a complex VIX-linked product burned investors

2 monthes ago   |   By Business Insider

Summary List Placement Switzerland's UBS has reached an $8 million settlement with the SEC after it failed to protect investors from a complex product that led to near-guaranteed losses.
Proceeds from the settlement will go back to investors burned by UBS's lack of protections. The bank's stock rose 4% on Tuesday after reporting a 63% jump in profits, fueled by its wealth management division.
"Advisory firms must protect clients from inappropriate investments in complex financial products," said Daniel Michael, head of the SEC's Complex Financial Instruments Unit, in a statement.
At issue...
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