The Justice Department announced that UBS has agreed to pay $1.4 billion in penalties for allegedly defrauding investors by selling mortgage-backed securities that blew up during the Great Recession
The settlement resolves the final case brought by the DOJ to investigate the role of Wall Street firms in the 2008 financial crisis. “The substantial civil penalty in this case serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes,” Breon Peace, the US Attorney for the Eastern District of New York, said in a statement.
The DOJ filed a civil action in November 2018 against UBS, alleging the Wall Street bank defrauded investors by knowingly making false and misleading statements to buyers of dozens of residential mortgage-backed securities issued in 2006 and 2007. “UBS’ conduct in this case played a significant role in causing a financial crisis that harmed millions of Americans,” said Ryan Buchanan, US Attorney for the Northern District of Georgia.
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