The SEC complaint alleged that UBS allowed two unregistered entities, Core Performance Management in Boca Raton, Fla., and RMR Asset Management in Chula Vista, Calif., to flip bond offerings over a four-year period. Flipping is the process whereby firms improperly allocate bonds intended for retail investors to other parties who then ‘flip’ the bonds and sell them to other broker/dealers for a profit.
In addition, the SEC alleged that UBS registered representatives knew or should have known that flippers were not eligible for retail priority and that UBS registered representatives facilitated over 2,000 such trades, allowing UBS to fill its own inventory with such bonds.
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors.
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