The Swiss private banking giant UBS has agreed to pay $15 million to settle US allegations of selling risky derivative investments to thousands of unsophisticated investors, US market regulators said Wednesday. The Securities and Exchange Commission said a US arm of the private wealth manager, UBS Financial Services Inc, had failed to train and educate its sales force adequately about the risks of complex financial products known as reverse convertible notes, which are derivatives whose values are generally based on the performance of an underlying stock. Some were retirees, according the SEC.
AUSTIN, Texas (AP) — A West Texas congressional district sprawls 58,000-plus square miles and two time zones, from San Antonio to just outside El Paso. Yet neither the Republican who represents it nor the Democrat trying to reclaim the seat actually lives there.