JACKSON, Miss. (AP) -- The Mississippi Secretary of State's office says it has received $60,302 in settlement funds after a multi-state investigation found UBS Financial Services violated state securities laws.
Secretary of State Delbert Hosemann says in a news release that the investigation was conducted by the North American Securities Administrators Association. It allegedly revealed several UBS employees sold securities without properly registering with the State.
Hosemann says UBS has agreed to require all client service associates to obtain the necessary licenses and comply with state registration requirements.
The company has also enhanced its computerized order system to automatically validate the person entering the order is properly registered to sell securities in the state where the client lives.
All 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands will receive a portion of the approximately $4.6 million settlement.
Mississippi's settlement funds allow the Secretary of State's office to conduct examinations of securities professionals, to investigate potential violations of State securities laws, and to provide investor protection and education.
- Company Legal & Law Matters
- UBS Financial Services