FINRA has fined UBS Financial Services $2.5 million and ordered to pay $8.25 million in restitution for conduct related to the sale of Lehman Brothers Holdings principal protection notes.
The fine and restitution is tied to alleged misleading of investors that took place in the sale of the principal protection notes, or PPNs, prior to Lehman Brothers’ Sept. 2008 bankruptcy filing. The PPNs promised a minimum return equal to an investor’s investment, according to FINRA, and were structured as fixed-income security structured products including bonds and options.
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