{"id":189,"date":"2007-07-18T18:29:57","date_gmt":"2007-07-18T18:29:57","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2007\/07\/ubs_to_pay_23_million_over_cha"},"modified":"2021-09-20T15:43:14","modified_gmt":"2021-09-20T20:43:14","slug":"ubs-to-pay-23-million-over-cha","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/ubs-to-pay-23-million-over-cha\/","title":{"rendered":"UBS to Pay $23 Million over Charges by NY Attorney General of Abuse in Fee-based Accounts"},"content":{"rendered":"

\t\t\t\tUBS Financial Services, Inc. will pay $23.3 million to settle charges by New York’s Attorney General of “inappropriately steering” of brokerage customers into fee-based accounts. The NYAG said that under the agreement UBS will pay a $2 million fine and $21.3 million to approximately 3,000 customers it inappropriately placed in its InsightOne program. <\/p>\n

According to the NYAG office, UBS charged one 91-year-old InsightOne client more than $35,000 over two years, although only four trades transpired in his account, meaning each trade cost him approximately $8,800. In another example, it says an 82-year-old paid approximately $24,000 in InsightOne fees one year in which only one transaction took place. <\/p>\n

“UBS convinced customers to rely on its advice and then abused that trust,” said NYAG Andrew Cuomo. “This major settlement is a win for customers inappropriately pushed into unsuitable brokerage accounts and a warning to the entire industry that customers’ interests must come first.” <\/p>\n

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

UBS Financial Services, Inc. will pay $23.3 million to settle charges by New York’s Attorney General of “inappropriately steering” of brokerage customers into fee-based accounts. The NYAG said that under the agreement UBS will pay a $2 million fine and $21.3 million to approximately 3,000 customers it inappropriately placed in its InsightOne program. According to […]<\/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":[3789,3755],"tags":[],"class_list":["post-189","post","type-post","status-publish","format-standard","hentry","category-stockbroker-regulation","category-ubs"],"yoast_head":"\nUBS to Pay $23 Million over Charges by NY Attorney General of Abuse in Fee-based Accounts — Investor Lawyers Blog — July 18, 2007<\/title>\n<meta name=\"description\" content=\"UBS Financial Services, Inc. will pay $23.3 million to settle charges by New York's Attorney General of "inappropriately steering" of brokerage customers — July 18, 2007\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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