A Financial Industry Regulatory Authority (FINRA) arbitration panel has ordered UBS to pay $432,000 to two UBS customers who purchased Lehman Brothers structured products from UBS.
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Summary
The Financial Industry Regulatory Authority ("FINRA") recently reminded its member brokerage firms of their obligations when recommending and selling principal protected notes ("PPNs"). PPNs have been marketed to retail investors as combining the safety of bonds, but with the potential for growth that generally is not provided by bonds. But these products actually are complex, structured financial instruments that often do not provide nearly as much safety as brokerage firms represented.
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New Hampshire securities regulators have accused UBS Financial Services, Inc. of unfair sales practices and failing to supervise its brokers who sold Lehman Brothers structured products, including so-called "principal protected" notes.
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