SEC
Whistleblower
Advocates

October 16, 2015

UBS Willow Management L.L.C., UBS Fund Advisor L.L.C.

Financial Fraud

SANCTION AMOUNT: $17,500,167

Defendants: UBS Willow Management L.L.C., UBS Fund Advisor L.L.C.

Settlement of charges arising from Respondents' alleged roles in failing to disclose a change in investment strategy by a closed-end fund they advised. Specifically, the UBS Willow Fund LLC was marketed as focused on distressed debt, and did so for eight years. Until one day in 2008 when the firm suddenly and with no notice purchased large quantities of credit default swaps (a polar opposite strategy from the previous) (and one that went poorly, with the fund liquidating in 2012).

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