UBS Fires Two, Suspends Nine; Federated Fires One

And this morning, it was reported that Federated Investors fired one "mid-level" officer after he admitted to top brass that he had deleted e-mails that might serve as evidence in regulators’ late trading investigations at the firm. A company spokesperson said that an undisclosed number of employees were also pinpointed in the investigation, but that they accepted orders after the market close at that day’s NAV inadvertently. While there are gray areas in market timing, late trading is out-and-out illegal.