MONTPELIER, Vt. (AP) - The state of Vermont is going to receive $63,630 from UBS Financial Services as part of a nationwide $4.6 million settlement.
Vermont Financial Regulation Commissioner Susan Donegan says the payment is the result of a multi-state investigation conducted by the North American Securities Administrators Association that determined some UBS employees had been accepting orders even though they were not registered to sell securities.
Donegan said she is pleased UBS has acknowledged the need to modify its procedures and take corrective actions.
All 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands will receive a portion of the settlement.
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