UBS to pay over $10 million to resolve SEC charges on municipal bond offerings

REUTERS

A unit of UBS has agreed to pay more than $10 million to resolve charges it circumvented the priority given to retail investors in certain municipal bond offerings, the U.S. Securities and Exchange Commission said on Monday.

Over a four-year period, UBS Financial Services Inc improperly allocated bonds intended for retail customers to parties known in the industry as “flippers,” who immediately resold the bonds to other broker-dealers at a profit, the agency said in a statement. read more »

CFTC Announces Whistleblower Awards Totaling More Than $1 Million

CFTC

The Commodity Futures Trading Commission today announced it will award more than $1 million to two whistleblowers who voluntarily provided original information that led the Commission to bring a successful enforcement action. The CFTC opened an investigation after the first whistleblower’s information was deemed to be sufficiently specific, credible, and timely. The second whistleblower significantly contributed to the matter by providing investigative staff with first-hand information obtained through participation in the underlying scheme. read more »

Former Managers And Employees Of Connecticut Insurance Firm Charged In $17 Million Scheme To Defraud Client Healthcare Expenses

DOJ

Acting U.S. Attorney Audrey Strauss said:  “As alleged in the criminal complaint, the defendants abused their positions as administrators of client healthcare plans for years by creating false and inflated invoices and then misappropriating millions of dollars for their own uses.  As further alleged, the defendants sought to conceal this fraud by creating false bank statements and checks.  Our Office will continue to work with our law enforcement partners to expose and prosecute egregious fraud schemes.” read more »