UBS Advisory Firms Pay $17.5M For Failure to Disclose Changes in Investment Strategy

The SEC announced that UBS Willow Management LLC and UBS Fund Advisor LLC agreed to pay a total of approximately $17.5 million, more than $13 million of which will be returned to harmed investors, to settle SEC charges that the funds failure to disclose changes to investors in its investment strategy. The Funds disclosues that it primarily invested in distressed debt based on the predicted increase in debt's value, however in 2008 it instead focused on investments in debt from troubled companies and credit default swaps that were based on the debt's decreasing value. Click here to read more.

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