UBS Pleads Guilty to Fraud

Consider this a warning against financial wrongdoing. Amid concerns that. since the financial crisis, the government has not sought criminal charges against certain banks, UBS pleaded guilty to a count of felony wire fraud. The hefty $1.5 billion fine marks the first big global bank in more than two decades to have a subsidiary come clean to fraud. Being honest wasn’t the banks first choice, however—UBS tried to negotiate some rate-rigging leniency, but the Justice Department thought the actions were just too “egregious” to merit any softer sanctions.