Published On: November 9, 2015

The Securities and Exchange Commission (SEC) charged two advisory firms relating to their failure to disclose a change in investment objective of a closed-end fund, UBS Willow Fund LLC. Both firms agreed to pay $17.5 million collectively, with $13 million of that going to harmed investors. In 2008, the Willow Fund purchased large quantities of credit default swaps, and UBS allegedly did not provide proper disclosure of the investment changes to investors. Brochures were sent out that misquoted the fund’s strategy and investment letters contained misleading information regarding the credit default swaps. In 2012, the fund began to see heavy losses because of those investments and liquidated that same year because of them.

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