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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

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UBS to pay $8 million fine for inadequate short-sale documentation

Posted by RJ and Makay on Nov 14, 2011

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UBS UBS Securities LLC will pay an $8 million penalty to settle Security and Exchange Commission (SEC) charges that the firm failed to accurately maintain documents related to its stock short-sales operations. The SEC alleged that UBS had failed to accurately record that it located stock for short selling when a customer would call to request a short sale transaction.