The Money Is Gone: For one thing, there were two huge companies involved.
UBS, one of the world’s largest private banks, seemed to have no business trading in penny stocks. “This was a $50 billion-plus bank, it didn’t seem like penny stocks would move the needle,” DiIorio said. But just in December 2011, UBS’s trades in 32 penny stocks represented over half of the firm’s total share volume, according to his calculations.
In a one-line response to a series of detailed questions from The Intercept, UBS media relations director Peter Stack wrote in an email:�“UBS applies strict due diligence and anti-money-laundering standards to all its business.”
UBS, one of the world’s largest private banks, seemed to have no business trading in penny stocks. “This was a $50 billion-plus bank, it didn’t seem like penny stocks would move the needle,” DiIorio said. But just in December 2011, UBS’s trades in 32 penny stocks represented over half of the firm’s total share volume, according to his calculations.
In a one-line response to a series of detailed questions from The Intercept, UBS media relations director Peter Stack wrote in an email:�“UBS applies strict due diligence and anti-money-laundering standards to all its business.”