dChan
Anonymous ID: 1717e6 July 20, 2020, 2:12 p.m. No.10025139   🗄️.is đź”—kun   >>5295 >>5392

GRZLY39 USMC C-560 heading back to MCAS Miramar from a ground stop Dallas/Ft. Worth Int'l-parked at Corporate Aviation Ramp 1E

EASY40 USMC C-560 departed Mesa, AZ-Falcon Field se after a ground stop. Additional gs at Pecos, TX-Muni Airport from an origin of New Orleans NASJRB

Anonymous ID: 1717e6 July 20, 2020, 2:23 p.m. No.10025277   🗄️.is đź”—kun   >>5295 >>5302 >>5392

UBS to pay over $10 million to resolve SEC charges on municipal bond offerings

 

A unit of UBS has agreed to pay more than $10 million to resolve charges that it circumvented the priority given to retail investors in certain municipal bond offerings, the U.S. Securities and Exchange Commission said on Monday.

 

Over a four-year period, UBS Financial Services Inc improperly allocated bonds intended for retail customers to parties known in the industry as “flippers,” who immediately resold the bonds to other broker-dealers at a profit, the agency said in a statement.

 

UBS registered representatives facilitated more than 2,000 trades with such flippers, allowing the firm to obtain bonds for its own inventory and improperly obtain a higher priority in the bond allocation process, according to the SEC.

 

The regulator also settled proceedings with UBS registered representatives William S. Costas and John J. Marvin, finding that they had “negligently” submitted retail orders for bonds on behalf of flipper customers. Costas also helped UBS traders improperly obtain bonds for the firm’s own inventory through the flippers, the SEC said.

 

Costas agreed to pay disgorgement and interest totaling $16,585 and a civil penalty of $25,000. Marvin agreed to pay disgorgement and interest of $27,966 and a civil penalty of $25,000, the SEC said. “Retail order periods are intended to prioritize retail investors’ access to municipal bonds and we will continue to pursue violations that undermine this priority,” said LeeAnn G. Gaunt, chief of the SEC Division of Enforcement’s Public Finance Abuse Unit.

 

UBS and the two representatives did not admit or deny the agency’s findings, the SEC said. Counsel for the firm and individuals did not respond immediately to requests for comment.

https://www.reuters.com/article/us-sec-ubs/ubs-to-pay-over-10-million-to-resolve-sec-charges-on-municipal-bond-offerings-idUSKCN24L2MN

until the settlements stop (especially the ones where no one admits any wrong-doing we've a long way to go, financially-speaking, from any new system or over-hauled system.

and since the FRBNY is currently buying muni-bonds-it's gonna be a while before this has a meaningful resolution where the felons pay pennies on the dollar against the actually profits made by the illegal actions.

The SEC is worthless