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.
Disclaimer
The posting on this site are mere OPINIONS and NOT statements of fact in any way whatsoever. The information should not be relied upon and there have been no findings made against the firms or individuals referenced on this site. In addition, this Blog is made available for educational purposes only and incorporates information from the web as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and Stoltmann Law Offices (161 N Clark Street 16th Floor Chicago, IL 60601). The Blog opinions should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
PLEASE NOTE THIS IS ADVERTISING AND IT IS NOT A NEWSPAPER ARTICLE OR POST FROM AN INDEPENDENT OR NON-BIASED, NEWS SITE, NEWS SOURCE OR NEWSPAPER.
