{"id":1541,"date":"2014-11-03T19:18:11","date_gmt":"2014-11-03T19:18:11","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2014\/11\/sec_sanctions_ubs_charles_swab"},"modified":"2022-03-11T08:54:44","modified_gmt":"2022-03-11T14:54:44","slug":"sec-sanctions-ubs-charles-swab","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-sanctions-ubs-charles-swab\/","title":{"rendered":"SEC Sanctions UBS, Charles Swab, Oppenheimer, & 10 Other Firms For Improper Sales of Puerto Rico Junk Bonds"},"content":{"rendered":"

\t\t\t\tThe Securities and Exchange Commission has sanctioned thirteen financial firms, including UBS Financial Services (UBS), Charles Schwab and Co. (SCHW), J.P. Morgan Securities (JPM)<\/a>, and Stifel Nicolaus & Co. (SF), for the improper sales of Puerto Rican junk bonds<\/a>. A $100,00 minimum denomination had been established in junk bonds of $3.5 billion made by Puerto Rico several months ago. An SEC probe, however, revealed that there had been 66 instances when firms sold the bonds in transactions of under $100,000.<\/p>\n

Municipal bond offerings are supposed to have a set minimum denomination that determines the smallest amount that a firm can sell to an investor during a single transaction. Typically, municipal issuers will establish high minimum denominations for junk bonds with a greater default risk. This is done to limit the bonds from ending up in the accounts of investors who may not be able to handle the risks.<\/p>\n

The firms and their fines: UBS Financial Services for $56,400, Charles Schwab & Co. for $61,800, Oppenheimer & Co. (OPY) for $61,200, Wedbush Securities Inc. for $67,200, Hapoalim Securities USA for $54,000, TD Ameritrade (AMTD) for $100,800, Interactive Brokers LLC for $56,000, Stifel Nicolaus & Co. (SF) for $60,000, Investment Professionals Inc. for $67,800, Riedl First Securities Co. of Kansas for $130,000, J.P. Morgan Securities for $54,000, National Securities Corporation for $60,000, and Lebenthal & Co. for $54,000.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has sanctioned thirteen financial firms, including UBS Financial Services (UBS), Charles Schwab and Co. (SCHW), J.P. Morgan Securities (JPM), and Stifel Nicolaus & Co. (SF), for the improper sales of Puerto Rican junk bonds. A $100,00 minimum denomination had been established in junk bonds of $3.5 billion made by Puerto […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3752,3797,3922,3786,4039,3869,3747,3976,3755,3985],"tags":[],"class_list":["post-1541","post","type-post","status-publish","format-standard","hentry","category-financial-firms","category-j-p-morgan-chase","category-municipal-bonds","category-oppenheimer","category-puerto-rico-bond-funds","category-schwab-corporation","category-stifel-nicolaus-co-inc","category-td-ameritrade-inc","category-ubs","category-wedbush-securities"],"yoast_head":"\nSEC Sanctions UBS, Charles Swab, Oppenheimer, & 10 Other Firms For Improper Sales of Puerto Rico Junk Bonds — Investor Lawyers Blog — November 3, 2014<\/title>\n<meta name=\"description\" content=\"The Securities and Exchange Commission has sanctioned thirteen financial firms, including UBS Financial Services (UBS), Charles Schwab and Co. 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