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UBS Charged With Fraud in Auction Rate Securities

By Mark H. Astarita, Esq.

Last week, the Massachusetts Securities Commission filed administrative proceedings against UBS Financial alleging that it defrauded its investors (and its own brokers) in connection with its sales of auction rate securities.Of course, the Commission's complaint are only allegations, thus far unproven, and UBS has not yet responded to the compliant. However, if true, the allegations are serious, and provide significant insight into a corporate mindset at UBS which put its profits ahead of the well being of its customers, and its own employees.At the same time, a brokerage firm is a business, and one of its businesses is buying and selling securities, often from its own inventory. However, the allegations of the complaint, and a reading of the emails, is a cause for concern...continue to full post

Full post as published by SECLaw.com on July 04, 2008 (boomark / email).