JACKSON (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.