(Bloomberg) -- UBS Group AG agreed to pay more than $15 million to settle allegations from the U.S. Securities and Exchange Commission that the bank failed to properly train advisers on the risks tied to structured products.

The case involved so-called reverse-convertible notes, derivatives typically tied to company stocks, the SEC said Wednesday in a statement. The bank, which didn’t admit or deny the SEC’s findings, sold approximately $548 million in RCNs to more than 8,700 relatively inexperienced retail customers, according to the statement.

“We found that UBS dropped the ball by allowing the sales of complex financial products to retail investors without adequately training its sales force,” Andrew Ceresney, director of the SEC Enforcement Division, said in the statement.

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