Massachusetts Charges UBS in connection with Soliciting Hedge Fund Business

Massachusetts securities regulators accused UBS of "dishonest and unethical practices," alleging that its investment banking division gave hedge-fund managers perquisites like below-market office and low-interest loans in exchange for brokerage business.  The state's complaint describes a "hedge fund hotel," where, in addition to office space, hedge funds were provided with office furniture, receptionist, internet access, free meals and baseball tickets.  See NYTimes, A State Questions UBS Ties to Hedge Funds; WSJ, Hedge Funds' Gift Grabs.