UBS fined $49.5M for market-timing

[Tom Yossarian Joad]

JAN. 12 5:33 P.M. ET The New York Stock Exchange said it and the state of New Jersey fined UBS Financial Services $49.5 million for failing to supervise deceptive market-timing activities by brokers in at least seven branches.

Half of the fine will be paid to New Jersey, where the U.S. brokerage unit of Zurich-based UBS AG is based, with another $18 million set aside for distribution to injured customers and $5.75 million to be paid as a penalty to the NYSE.

"When a brokerage firm permits a hedge fund or any other market participant to trade deceptively and gain an unfair advantage over other investors, it has violated the trust that forms the foundation of our capital markets," NYSE Chief Regulatory Officer Richard Ketchum said.

A LITTLE MORE HERE: http://www.businessweek.com/ap/financialnews/D8F3DIL82.htm?campaign_id=ap_news_up&chan=db

[Barrett808]

1. Isn't UBS a Bush mob institution?

Bought Enron, and all the trading records were moved to Switzerland to make subpoenas much more difficult to execute.

[ShockediSay]

2. Probably cheap in comparison to the rip off gained.

IMHO

[brentspeak]

4. Steal billions, pay millions

[MazeRat7]

3. Sounds like its time to short UBS for a few days..... (n/t)