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UBS General Counsel Implicated in Auction Rate Securities Party

By Mark H. Astarita, Esq.

It seems that UBS just can't keep themselves out of the news. First the tax fraud investigation, then the Auction Rate Securities lawsuits, then the Massacheuttes Attorney General's suit, and the New York AG's suit.Now this revelation from the Wall Street Journal - Today, the WSJ?s Liz Rappaport reports that David Aufhauser, the former general counsel to the Treasury Department and the current GC for UBS?s investment-banking arm is at the center of the complaint that New York AG Andrew Cuomo recently filed against the Swiss bank for fraud in the ARS market. Aufhauser (Wesleyan, Penn Law, Harvard MBA) is the individual described in Cuomo?s case against UBS as ?Executive A,? the WSJ reports. The complaint, filed last week, alleges that he and six other UBS executives sold $21 million of their personal holdings in auction-rate securities in the months leading up to the market?s collapse, based on unique inside knowledge of the problems in the market...continue to full post

Full post as published by SECLaw.com on August 02, 2008 (boomark / email).