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UBS fires brokers over market timing abuses

Securities Trust executives face criminal charges for fund abuses

UBS has sacked two private client brokers and disciplined nine others in the US for breaking rules governing mutual fund trading, while Securities Trust faces being dissolved for its role in the mutual fund scandal.

The job losses at UBS follow an internal review at its PaineWebber business, now known as Wealth Management USA, which discovered the brokers had been engaged in market timing practices that contravene company policy.

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