Despite record revenue at UBS Wealth Management Americas, profits fell in the second quarter as the firm reported that it had to set aside $44M for litigation costs, mostly related to the firm's investments in Puerto Rico.
New chief will be hired as firm tries to jump start recruiting and plans on upgrading its trading platform.
Susan Walker admitted to accusations she used $980,000 of client assets to pay for personal expenses, including vacations and private school tuition.
Dennis Wright allegedly stole money from at least 28 customers, including childhood friends and inexperienced investors.
The advisers allegedly violated Finra rules and firm policy by encouraging some of their larger clients to invest directly in hedge funds.
<b>Advisers on the Move</b> - Eleven brokers from UBS and Merrill Lynch joined Wells Fargo in California. See more recent moves in our <a href="http://data.investmentnews.com/aotm/">exclusive Advisers on the Move database.</a>
SEC has charged Donna Tucker with stealing $730,000 from older clients, including a blind couple.
A Finra arbitration panel ordered Vladimir Eydelman to repay his former firm after he was fired in March amid charges of insider trading.
As firm picks up $400 million UBS team, execs say it is fully capitalized and on its way to around 100 advisers in its partnership.
