SEC
Whistleblower
Attorneys

July 20, 2020

UBS Financial Services Inc., William S. Costas, John J. Marvin

Municipal Securities Fraud

SANCTION AMOUNT: Approximately $10,000,000

Defendants: UBS Financial Services Inc.
William S. Costas, John J. Marvin

Respondent consented to pay this sanction, consisting primarily of disgorgement, based on the SEC’s allegations that it circumvented the priority of orders set by municipal bond issuers. Respondent allegedly allocated bonds to “flippers” that it knew or should have known did not qualify for retail priority, who immediately re-sold the bonds to other broker-dealers. The SEC also found that Respondent used flippers as proxies to obtain bonds for its own inventory.

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