The legal developments for UBS just keep getting worse and worse. The latest comes in the form of a lawsuit by the SEC, alleging UBS reaped at least $380 million of ill-gotten gains by acting as an unregistered broker dealer and investment adviser. Not sure how this one works unless they had some shadow division that was not under the general UBS AG corporate umbrella. Or maybe this is the secret Ponz that Harry said he would disclose - would be oddly elegant to blame the Swiss for our troubles for once.
The Securities and Exchange Commission filed the case today at federal court in Washington as part of a U.S. criminal and regulatory inquiry into whether clients at the Zurich-based bank avoided taxes.
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