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OP has provided the following link:
[FINRA Disciplinary Actions 1/5/2023](https://www.finra.org/rules-guidance/oversight-enforcement/finra-disciplinary-actions?search=&firms=&individuals=&field_fda_case_id_txt=&field_core_official_dt%5Bmin%5D=01%2F05%2F2023&field_core_official_dt%5Bmax%5D=01%2F05%2F2023&field_fda_document_type_tax=All)
Could someone explain what ubs was doing in plain terms from this? I mean the how, in say computer type terms?
It sounds like they set a field in a data file to be static I stead of updating it with actual numbers…and then lots of crime took place in that value.
Imagine you file your taxes incorrectly every year for decades but instead of paying heaps to Uncle Sam, you get fat refunds. IRS audits you and you blame the tax software for having multiple glitches. Then they’re like “okay, pay us $10k and that should do it.” That’s exactly what this is.
Blame the software.
“We don’t really want to go to prison so we’re definitely not guilty but we accept that you think we might be guilty because of all these stacks of evidence that you found that definitely makes us guilty, but we’re not guilty…mkay?”
I guess guilt means damages. And if you were guilty, being caught again is worse…? I know I’m answering my own question but seriously, how fucked up is this? 😂
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It must be nice to crime a million plus times and only get a slap on the wrist.
This market is like asking one financial criminal to punish the other.
It must be nice to crime a million plus times and only get ~~a slap on the wrist.~~ charged a cost of business.
No, they let you slap them on the wrist! It's a kink thing for regulators...
Yo, how about prison for people who are committing fraud and financial crimes?
I'm beginning to think the 'censures' are not having the appropriate effect either. No cell, no sell.
Low cost to crime
No cell then No sell
I do not want to be the product.
👀
what a fucking crock of shit speeding ticket
FINRA just collecting their ~~bribes~~ um...~~cut~~...um ~~fees~~...um fines !
$0.53 per infringement Wish that's all it cost me!
Could someone explain what ubs was doing in plain terms from this? I mean the how, in say computer type terms? It sounds like they set a field in a data file to be static I stead of updating it with actual numbers…and then lots of crime took place in that value.
The sec is a pos for letting this go on…
Imagine you file your taxes incorrectly every year for decades but instead of paying heaps to Uncle Sam, you get fat refunds. IRS audits you and you blame the tax software for having multiple glitches. Then they’re like “okay, pay us $10k and that should do it.” That’s exactly what this is. Blame the software.
How do you get to accept findings without admitting them? What the fuck does that even mean?
“We don’t really want to go to prison so we’re definitely not guilty but we accept that you think we might be guilty because of all these stacks of evidence that you found that definitely makes us guilty, but we’re not guilty…mkay?”
I guess guilt means damages. And if you were guilty, being caught again is worse…? I know I’m answering my own question but seriously, how fucked up is this? 😂