Boca Raton, Florida (BUSINESSWIRE) October 14, 2015 – The Securities Arbitration Law Firm of Klayman & Toskes, P.A., www.nasd-law.com announced today that it continues to investigate UBS Financial Services (UBS) in connection with the sale of senior unsecured notes, issued by affiliated banks of parent company UBS AG (NYSE: UBS). In response to a Securities Exchange Commission (SEC) Cease and Desist Order, UBS AG submitted an Offer of Settlement which included payment of $19.5 million for violations of securities laws related to the issue and sale of senior unsecured notes linked to the V10 Currency Index. According to the SEC, “The V10 was a proprietary index, developed and sponsored by UBS that measured the performance of a hypothetical algorithmic trading strategy designed to identify and exploit trends in G10 foreign exchange forward rates.”
According to yesterday’s SEC press release, “Between December 2009 and November 2010 approximately 1,900 U.S. investors bought approximately $190 million of structured notes linked to the V10 index.” As a part of the settlement offer, UBS agreed to refrain from similar future violations and pay “disgorgement and prejudgment interest of $11.5 million” and to pay “a civil monetary penalty of $8 million.”
Klayman & Toskes, P.A. is investigating UBS’ sales practices related to senior unsecured notes linked to UBS V10 Currency Index. UBS’ violations of FINRA sales practices may include misrepresentations and omissions of material facts, conflicts of interest, unsuitable investment advice, securities concentration or the failure to supervise its financial advisors. Our investigation relates to investments in UBS senior unsecured notes issued by affiliated banks that are designed to track the UBS V10 Currency Index.
About Klayman & Toskes, P.A.
Klayman & Toskes, P.A. is an experienced, qualified and nationally recognized securities litigation law firm, investigating UBS FINRA sales practice violations related to the sale of its proprietary UBS V10 Currency Index Linked Notes. Investors who have knowledge or experience related to the sales practices of UBS and its financial advisors’ recommended investments in UBS V10 Currency Index Linked Notes, contact Steven D. Toskes, Esq. at 888-997-9956.