UBS fined $1.5B for fraud

By Jennifer Bissell

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American, British and Swiss regulators fined Swiss bank UBS $1.5 billion Dec. 19 for allegedly trying to manipulate Libor interest rates.

In an investigation, Swiss regulator Finma found UBS traders had asked employees to submit higher or lower interest rates to positively influence the bank’s proprietary trading positions between 2006 and 2010, according to a report by The Financial Times.

“We deeply regret this inappropriate and unethical behavior,” UBS Chief Executive Sergio Ermotti said in a statement. “No amount of profit is more important than the reputation of this firm, and we are committed to doing business with integrity.”

UBS, with its North American headquarters based in Stamford, is the second bank to settle with regulators over the Libor scandal since  Britain’s Barclays agreed to pay $450 million to British and American regulators in June.

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About the author

Jennifer Bissell
Jennifer Bissell was a reporter for both the Fairfield and Westchester business journals from 2012-2014. She attended the University of Minnesota and contributed to several regional publications including the St. Paul Pioneer Press, St. Cloud Times and Twin Cities Business magazine.

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