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Major bank UBS has agreed to a settlement in the USA in the case of allegations of fraud in connection with a complex investment strategy called YES (Return Enhancing Strategy).
The Securities and Exchange Commission announced, on Wednesday evening, that the bank must pay $ 25 million to settle the case.
According to the SEC, from February 2016 to February 2017, the bank marketed and sold YES products to approximately 600 investors through its platform of local financial advisors. However, the Securities and Exchange Commission found that UBS did not adequately train and supervise its financial advisors on strategy during this period.
Although the bank knew that the YES investments were associated with significant risks, which were also documented, it did not pass on these documents to advisors and clients. As a result, some UBS advisors did not understand the risks. As a result, the advice they gave was not in the best interest of their clients.
SDA
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