UBS Financial Services Inc. of Puerto Rico and two of its executives have been charged with misleading investors about the market risks associated with the sales of 23 closed-end mutual funds.

The Swiss-based financial services and wealth management giant has agreed to settle the charges brought by the U.S. Securities and Exchange Commission. As part of the settlement, UBS will pay $26.6 million towards a fund that will go to investors affected by the scheme. That includes $11.5 million in disgorgement; a $14 million penalty and $1.1 million in pre-judgment interest.

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