Jackson, Miss.— Mississippi received $60,302 in settlement funds, after a multi-state investigation found UBS Financial Services violated State securities laws. Conducted by the North American Securities Administrators Association (NASAA), the investigation revealed several UBS employees sold securities without properly registering with the State.
“UBS has acknowledged the need to modify its procedures,” says Secretary of State Delbert Hosemann. “I appreciate their efforts to implement corrective actions.”
UBS has agreed to require all client service associates obtain the necessary licenses and comply with state registration requirements. The company has also enhanced its computerized order system to automatically validate the person entering the order is properly registered to sell securities in the state where the client lives.
All 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands will receive a portion of the approximately $4.6 million settlement.
Secretary of State Office
Mississippi’s settlement funds allow the Secretary of State’s office to conduct examinations of securities professionals, to investigate potential violations of State securities laws, and to provide investor protection and education.