Anil Vazirani Scottsdale Investment Advisor shares UBS Settles with SEC for $10 Million Over Municipal Bond ‘Flipping’
UBS has agreed to pay more than $10 million following SEC charges the firm violated municipal bond securities rules.
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.
Dial 1-800-957-5604 x 200 and set up a complimentary strategy session to understand what your goals are, understand what objective you’re trying to accomplish, your risk tolerance, and let us show you how to reduce your investment fees from stocks, bonds and mutual funds down to one point, or five percent when you work with our investment advisory platform. Dial 1-800-957-5604 x 200, and on the web at: DreamRetire.com
Anil Vazirani Integrity and Professional Background – Click Here
RETIRE AND STAY RETIRED,
SAFE, SMART, AND SECURE!
Call today for a Complimentary
Strategy Session: 1-800-957-5604 x 200
Secured Financial Solutions
14301 North 87th Street, Suite # 216, Scottsdale, AZ 85260