UBS ordered to pay $160 million in fines by SEC

SEC press association

The Securities and Exchange Commission (SEC) has charged UBS Financial Services with fraudulently rigging at least 100 municipal bond reinvestment transactions in 36 states in the US. UBS has agreed to pay $160 million in fines to affected municipalities and other federal and state authorities.

It is alleged that between 2000 and 2004 UBS undermined the competitive bidding process of municipal securities. According to the SEC, the Swiss bank did this by illicitly winning bids to become a provide