WASHINGTON, Dec. 22 (UPI) -- U.S. regulators have notified Swiss bank UBS the agency is considering an enforcement action against the bank for possible securities laws breaches.
UBS confirmed the SEC sent it a so-called Wells notice, a warning the agency may bring civil securities charges against a potential defendant, the Wall Street Journal reported Wednesday. A Wells notice gives the recipient a chance to convince the SEC not to go ahead with any proposed action.
The SEC's interest in UBS arises from the bank's close ties to HealthSouth, a Birmingham, Ala., healthcare company U.S. prosecutors found rife with accounting fraud.
UBS said it is continuing to cooperate with the HealthSouth investigation, which is focused on nearly $3 billion in accounting fraud. Seventeen former HealthSouth officials have pleaded guilty or have agreed to plead guilty.
